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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.
Home / Markets / Industries / Real Estate
Thursday, July 10, 2008
D.R. Horton, Inc., America's Builder, Third Quarter Earnings Release and Conference Call Scheduled for August 5, 2008
Comtex
FORT WORTH, Texas, Jul 10, 2008 (PrimeNewswire via COMTEX) ----D.R. Horton, Inc. (NYSE:DHI), America's Builder, announced today that the Company will release earnings for its quarter ended June 30, 2008 on Tuesday, August 5, 2008 before the market opens. The Company will host a conference call on Tuesday morning at 10:00 a.m. Eastern Time (ET). The dial-in number is 800-374-9096. Participants are encouraged to call in five minutes before the call begins (9:55 a.m. ET). Please reference the call host, Donald J. Tomnitz, CEO of D.R. Horton, Inc. The call will also be webcast from the Company's website at www.drhorton.com on the "Investor Relations" page.
A replay of the call will be available after 2:00 p.m. ET on August 5, 2008 at 800-642-1687, reference number 53324307. The replay will also be available from the Company's website at www.drhorton.com on the "Investor Relations" page. The replay will be available through midnight ET on August 12, 2008.
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the United States, delivering more than 41,000 homes in its fiscal year ended September 30, 2007. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 82 markets in 27 states in the Northeast, Midwest, Southeast, South Central, Southwest, California and West regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $90,000 to over $900,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.
The D.R. Horton, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4317
WEBSITE ADDRESS: www.drhorton.com
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: D.R. Horton, Inc.
D.R. Horton, Inc. Stacey Dwyer, EVP 817-390-8200 301 Commerce Street, Ste. 500 Fort Worth, Texas 76102
(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved. ********************************************************************** As of Sunday, 07-06-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 07-01-2008 for DHI @ $10.70. 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.
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