May 2011
Beginner to intermediate
384 pages
12h 28m
English
Content preview from The Handbook of News Analytics in FinanceBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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4.12 WALL STREET ANALYSTS MAY CREATE “MATERIAL” NEWS
Issues regarding the timeliness of news reports are reflected in the case Barclays Capital et al v. Theflyonthewall.com Inc., U.S. District Court, Southern District of New York, No. 06-04908 which considered important questions regarding the news that Wall Street creates.
The case surrounds the fact that Theflyonthewall.com made a business out of posting in real time news that it finds in “proprietary” research reports about publicly traded companies. Interestingly enough, the judges allowed Theflyonthewall.com to post the news under the condition that they delay the postings.
Lost in the battle was the real question, though: Shouldn't the “material” findings of the reports themselves be available to the public, as per the requirements of regulation FD?
Apparently, the judges are fine with letting major institutions have a legup on the investing public and potentially profiting from the timeliness of the information contained in those reports.
Wall Street loves having an edge—who doesn't? But if strict regulations are in place for corporations regarding “material” news, shouldn't everyone abide by the same rules?
The Barclays Capital et al v. Theflyonthewall.com Inc. case highlights the fact that Wall Street research firms have the ability to create “material” news that moves stock prices.
Analyst earnings estimates create one of the most material news that exists in the stock market, comparable only with earnings news releases ...
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