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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 / Retail
Tuesday, June 17, 2008
Darden Restaurants To Host Its FY08 Fourth Quarter Conference Call on the Internet
Comtex
ORLANDO, Fla., June 17, 2008 /PRNewswire-FirstCall via COMTEX/ ----Darden Restaurants, Inc. will host its Fiscal 2008 Fourth Quarter conference call on Wednesday, June 25, 2008 at 8:30 am ET. The conference call will be broadcast live over the Internet. Clarence Otis, Chairman & CEO, and other senior management invite you to listen to a discussion of fourth quarter results. The subjects to be covered may also include forward-looking information, such as the outlook for the current month or quarter, and the company's previously-announced earnings guidance. Questions may be posed to management by participants on the call and in response the company may disclose additional material information.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050217/FLTH022LOGO )
A copy of our press release announcing our earnings, the Form 8-K used to file the release with the Securities and Exchange Commission, and any other financial and statistical information about the period covered in the conference call, including any information required by Regulation G, will be available under the heading "Investor Relations" on our website at www.darden.com.
To listen to the call live, please go to the following website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
What: Darden Restaurants, Inc. Fourth Quarter Earnings Conference Call When: 8:30 am ET, Wednesday, June 25, 2008 Where: http://www.videonewswire.com/event.asp?id=49263 How: Live over the Internet - Simply log on to the web at the address above
Darden Restaurants, Inc., (NYSE: DRI) headquartered in Orlando, FL., is the world's largest company-owned and operated casual dining company with almost $6.7 billion in annual sales and approximately 170,000 employees. The Company owns and operates over 1,700 restaurants including Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52. For more information, please visit www.Darden.com.
SOURCE Darden Restaurants, Inc.
http://www.darden.com/
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Friday, 06-13-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-21-2008 for DRI @ $33.67. 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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