FOX Translator
No data currently available.
No data currently available.
It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Finance
Monday, July 07, 2008
Accenture Completes Acquisition of ATAN, Brazilian Provider of IT and Automation Solutions
Comtex
NEW YORK, Jul 07, 2008 (BUSINESS WIRE) ----Accenture (NYSE: ACN) has completed its acquisition of ATAN, expanding its automation and industrial information technology (IT) services capabilities. Terms of the deal were not disclosed.
ATAN, a privately held provider of industrial IT and automation solutions based in Belo Horizonte, Brazil, enhances Accenture's global capabilities in management consulting, systems integration and technology consulting within the global metals and mining, energy and utilities industries. The combined service offering will be named Accenture Automation and Industrial Solutions.
"The worldwide market for automation and industrial IT services is growing rapidly as rising commodities prices have led companies to make significant investments in their core operations," said Sander van't Noordende, group chief executive of Accenture's Resources operating group. "With this acquisition, Accenture benefits from ATAN's experience in helping companies make the most of their investments by combining the best practices in consulting with innovative approaches to the use of technology in industrial situations."
ATAN was founded in 1987 by two Brazilian engineers, Andre da Matta Machado and Alexandra Oliveira. The transition of ATAN'S approximately 500 employees to Accenture will enable the company to meet growing client demand for new technology solutions.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With more than 180,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended Aug. 31, 2007. Its home page is www.accenture.com.
SOURCE: Accenture
Accenture Allen Valahu, +33 1 53 23 57 54 allen.valahu@accenture.com
Copyright Business Wire 2008 ********************************************************************** As of Thursday, 07-03-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 03-24-2008 for ACN @ $35.70. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
