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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.
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Wednesday, July 23, 2008
Hearst-Argyle Television to Webcast Second Quarter Earnings Conference Call on August 1
Comtex
NEW YORK, July 23, 2008 /PRNewswire-FirstCall via COMTEX/ ----Hearst-Argyle Television, Inc. (NYSE: HTV) is scheduled to issue its second quarter earnings release before NYSE trading begins on Friday, August 1, 2008. The Company intends to host a conference call to discuss the earnings release that morning at 9:30 a.m. Eastern time.
The conference call will be webcast simultaneously from Hearst-Argyle's Website, www.hearstargyle.com. Access to the live audio webcast will be given from the site's Investor Relations section. A recording of the webcast will remain archived on the site. The conference call number is (888) 390-0676; the conference can be accessed with the identification "Hearst-Argyle." A replay of the call will be available through August 8 at (866) 372-3811.
Hearst-Argyle Television, Inc. owns 26 television stations, and manages an additional three television and two radio stations owned by Hearst Corporation, in geographically diverse U.S. markets. The Company's television stations reach approximately 18% of U.S. TV households, making it one of America's largest television station groups. Hearst-Argyle owns 12 ABC-affiliated stations, and manages an additional ABC station owned by Hearst Corporation, and is the largest ABC affiliate group. The Company also owns 10 NBC affiliates, and is the second-largest NBC affiliate owner, and owns two CBS affiliates. Also, Hearst-Argyle owns more than 30 Websites and currently multicasts 18 digital weather channels and a CW affiliate. The company's Web address is www.hearstargyle.com.
SOURCE Hearst-Argyle Television, Inc.
http://www.hearstargyle.com
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Saturday, 07-19-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-19-2008 for HTV @ $20.15. 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.
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