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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
Friday, May 23, 2008
TreeHouse Foods, Inc. to Present at the 18th Annual Wachovia Nantucket Equity Conference
Comtex
WESTCHESTER, Ill., May 23, 2008 /PRNewswire-FirstCall via COMTEX/ ----TreeHouse Foods, Inc. (NYSE: THS) confirmed today that it will participate in the 18th Annual Wachovia Nantucket Equity Conference on Nantucket Island at the White Elephant on Wednesday, June 25, 2008.
Dennis Riordan, Senior Vice President and Chief Financial Officer of TreeHouse Foods, is scheduled to present at 2:00 p.m. EDT.
TreeHouse Foods' presentation will be webcast live at: http://www.wsw.com/webcast/wa50/ths.
A replay of the presentation will be available at http://www.treehousefoods.com beginning at 4:00 p.m., on June 25, 2008. The replay will be available until August 22, 2008.
About TreeHouse Foods
TreeHouse is a food manufacturer servicing primarily the retail grocery and foodservice channels. Its products include non-dairy powdered coffee creamer; private label soup, salad dressings and sauces; salsa and Mexican sauces; jams, jellies and pie fillings under the E.D. Smith brand name; pickles and related products; infant feeding products; and other food products including aseptic sauces, refrigerated salad dressings, and liquid non-dairy creamer. TreeHouse believes it is the largest manufacturer of pickles and non-dairy powdered creamer in the United States based on sales volume.
SOURCE TreeHouse Foods, Inc.
http://www.treehousefoods.com/
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Monday, 05-19-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 02-06-2008 for THS @ $22.38. 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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