CHICAGO, July 8 /PRNewswire/ -- Man Securities issues the following Morning Update at 8:30 AM EDT with new PriceWatch Alerts for key stocks.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO )
Before the open... PriceWatch Alerts for AMGN, SANM, GS, PBG, and JCOM, Investor Insights, Today's Economic Calendar, and the Quote Of The Day.
QUOTE OF THE DAY
"We have the U.S. reporting season coming up. The key thing here is that there have not been any significant negative pre-announcements, which tells us that expectations have been lowered enough."
-- Susan O'Brien, Head of U.S. equities, First State New PriceWatch Alerts for AMGN, SANM, GS, PBG, and JCOM... PRICEWATCH ALERTS - HIGH RETURN COVERED CALL OPTIONS -- Amgen Inc. Last Price 68.91 - OCT 65.00 CALL OPTION@ $6.40 -> 4 % Return assigned* -- Sanmina-SCI Corp. Last Price 7.33 - AUG 7.50 CALL OPTION@ $0.55 -> 10.6 % Return assigned* -- Goldman Sachs Group (The) Last Price 87.74 - OCT 85.00 CALL OPTION@ $6.50 -> 4.6 % Return assigned* -- The Pepsi Bottling Group, Inc. Last Price 20.73 - DEC 20.00 CALL OPTION@ $1.90 -> 6.2 % Return assigned* -- j2 Global Communications Inc. Last Price 51.50 - AUG 50.00 CALL OPTION@ $5.00 -> 7.5 % Return assigned*
* For our report, "5 Dividend Paying Stocks With Double Digit Returns", go to: http://www.investorsobserver.com/5divt
** For a FREE subscription to The Wall Street Journal, Financial Times, or Investors Business Daily go to http://www.investorsobserver.com/freenews
NOTE: All stocks and options shown are examples only. These are not recommendations to buy or sell any security.
INVESTOR INSIGHTS
Last week, well-regarded federal judge Milton Pollack threw out class action cases brought against Merrill Lynch and its once high-flying analyst Henry Blodgett for pushing two Internet stocks. If the motion to dismiss stands, that's the end of the matter -- setting a very dangerous precedent that could apply to all the cases against Merrill or to all the analyst cases in general. One of the stocks Blodgett was pushing was 24/7; based on the Merrill data that has already been released as a result of Eliot Spitzer's investigation, it's clear that Blodgett and others at Merrill were pushing the stock despite knowledge of real problems at the company. They pushed the stock to receive lucrative investment banking fees, but unless the matter is overturned on appeal, Merrill, Blodgett will be off the hook with only the fines that they paid to regulatory authorities. Investors with losses will be limited to submitting claims to very small settlement funds that have been established.
Commentators have suggested that some of the cases might be stronger against Citibank Salomon Smith Barney and its former analyst Jack Grubman -- these cases might survive a motion to dismiss. They argue that Grubman knew more negative information about the problems of some of the companies he touted. But that distinction could prove to be illusory. Of course, investors can pursue individual arbitration claims, but it may be difficult to get many attorneys to handle these cases. Unless individual investors have records to show actual direct reliance on the analyst reports when making their investment decisions these may be difficult cases to win. In other words, the score is Wall Street: 1, Main Street: 0.
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TODAY'S ECONOMIC CALENDAR 7:45 a.m.: BTM-UBS Warburg Sales Index for the week ending July 5 (last minus 0.5 percent). 8:55 a.m.: Redbook Retail Sales Index for the week ending July 5 (last plus 0.9 percent). 10:00 a.m.: June Richmond Fed Manufacturing Index (last minus 5). 3:00 p.m.: May Consumer Credit (last plus $10.7 billion).
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All stocks and options shown are examples only. These are not recommendations to buy or sell any security and they do not represent in any way a positive or negative outlook for any security. Potential returns do not take into account your trade size, brokerage commissions or taxes which will affect actual investment returns. Stocks and options involve risk and are not suitable for all investors and investing in options carries substantial risk. Prior to buying or selling options, a person must receive a copy of Characteristics and Risks of Standardized Options available from Sharon at 800-837-6212 or at http://www.cboe.com/Resources/Intro.asp . Privacy policy available upon request.
CONTACT: Michael Lavelle of Man Securities, +1-800-837-6212
Web site: http://www.mansecurities.com/mu.html
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