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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
Thursday, July 17, 2008
Ross Stores Dedicates New San Carlos Location in Memory of Founder Stuart Moldaw
Comtex
PLEASANTON, Calif., July 17, 2008 /PRNewswire-FirstCall via COMTEX/ ----Ross Stores, Inc. (Nasdaq: ROST), the nation's second largest off-price retailer, will celebrate the opening of its San Carlos Ross Dress for Less on Saturday, July 19th by dedicating this new store to the memory of company founder and philanthropist Stuart Moldaw.
San Carlos is the 50th Ross Dress for Less location to open in the San Francisco Bay Area, almost 26 years after Moldaw founded the company. The 32,000 square foot store is one of 26 new locations opening this summer, including 25 Ross Dress for Less and one dd's DISCOUNTS.
Since 1982, Ross Stores has grown from a small retail chain in the Bay Area to more than 940 locations in 27 states with a network of over 40,000 associates. When Moldaw opened the first six stores in the Bay Area, he wanted to create a place where shoppers could find everyday savings on name brand merchandise. The San Carlos store will continue this tradition by offering bargain hunters a wide assortment of styles and fashions for the family and the home all at 20 to 60 percent off department store regular prices.
"We are honored to be dedicating the San Carlos store to Stuart's memory, and his many contributions to the business and non-profit community," said Norman Ferber, the company's Chairman of the Board. "Stuart's vision and leadership were driving forces behind the ultimate long-term success of Ross Stores."
Mr. Moldaw also was well known in the business community for his entrepreneurial spirit and success in the specialty retailing industry. In addition to Ross, he played an integral role for over 50 years in the creation and growth of numerous retail ventures, including The Gymboree Corporation.
Mr. Moldaw also was an active philanthropist, volunteering and serving on the boards of numerous Bay Area non-profit organizations, including among others the Boys and Girls Club of the Peninsula, the San Francisco Museum of Modern Art, and the Jewish Community Endowment Fund. He also was politically active at both the national and state levels. In 1993, President Clinton appointed Mr. Moldaw as Public Delegate to the U.S. Mission at the United Nations. In 2000, he served as chair of California's World Trade Commission.
In celebration of Mr. Moldaw's life-long commitment to the Bay Area, Ross Stores is making a $100,000 donation to the Boys and Girls Club of the Peninsula in his honor. These funds will be targeted for their new College Bound program that is designed to help the Club's youth graduate from high school and develop a plan for continuing education.
Store Location and Hours
The San Carlos Ross Dress for Less is located at 1119 Industrial Road in the Brittan Corners Shopping Center. The store is open daily Monday through Saturday, from 9:30 a.m. - 9:30 p.m., and on Sundays, from 11:00 a.m. - 7:00 p.m.
About Ross Stores
Ross Stores, Inc. (Nasdaq: ROST), a Fortune 500 company headquartered in Pleasanton, California, is the nation's second largest off-price retailer with fiscal 2007 revenues of $6.0 billion. Including the new locations opening in July, the Company will now operate 888 Ross Dress for Less(R) stores in 27 states and Guam and 55 dd's DISCOUNTS(R) in California, Florida, Texas and Arizona. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 to 60 percent off department and specialty store regular prices. dd's DISCOUNTS features a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 to 70 percent off moderate department and discount store regular prices. Additional information is available at http://www.rossstores.com.
SOURCE Ross Stores, Inc.
http://www.rossstores.com
Copyright (C) 2008 PR Newswire. All rights reserved
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