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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 / Telecom
Wednesday, July 23, 2008
Harris Corporation Conducts Successful Live Demonstration of New Wideband, Long-Range, Networked Maritime Radio
Comtex
MELBOURNE, Fla., July 23, 2008 /PRNewswire-FirstCall via COMTEX/ ----More than 50 representatives of the U.S. Navy and industry last week attended a live, "over-the-ocean" demonstration of Harris Corporation's (NYSE: HRS) new SeaLancet(TM) RT-1944/U tactical radio -- designed to provide network-centric communications from maritime-based networks to both ground- and air-based networks.
During the three-day series of demonstrations, Harris successfully showcased the radio's high-throughput, long-range network-centric IP communications capabilities. The demonstrations featured an aircraft simulating an unmanned aerial vehicle, and three boats off the east coast of Florida as unmanned surface vehicles and tactical maritime platforms.
Attendees witnessed real-time results of the radio's high-throughput transmission of voice (VoIP), data, files, chat, and digital streaming video from multiple platforms to the simulated Littoral Combat Ship (LCS) radio room and command center. Network IP traffic was demonstrated between up to five nodes and at data throughput rates as high as 54 Mbps, and at distances between nodes of greater than 100 nautical miles. This also successfully demonstrated the ability to relay communications between surface modules at distances greater than 200 nautical miles via an airborne relay.
SeaLancet(TM) was designed to communicate high-volume sensor data from multiple Navy platforms to distant tactical ships, such as the LCS. Applications include anti-submarine warfare, mine warfare, anti-surface warfare, maritime interdiction, ship-to-ship communications, and wireless pier capability. The highly ruggedized radio can survive submersion in water up to 1 meter and operate at high altitudes.
In addition to its use onboard LCSs, the compact radio can be applied to a wide range of Navy platforms, including ships, aircraft, unmanned vehicles, gateway buoys and distributed sensors. It also addresses the needs of similar maritime missions for the Department of Defense (DoD), the U.S. Coast Guard, and international military forces.
"This event was a great success and demonstrated that SeaLancet(TM) provides secure and reliable net-centric communications to the edge of the maritime battlespace," said Wes Covell, president of Harris Defense Programs. "We are excited about this new product and proud of its distinction of being named the Naval Sea Systems Command's top Small Business Innovation Research (SBIR) program."
SBIR programs are mission-oriented, research and development initiatives that provide small businesses an opportunity to participate in Navy and DoD programs. SeaLancet(TM) is a product of an SBIR between Harris and Melbourne, Florida-based RSS Corporation, and was recently selected for the newly established DoD Commercialization Pilot Program.
"SeaLancet(TM) is an excellent example of a partnership between small business, prime contractor, and government," said Emilio Power, president of RSS. "We are excited to be able to successfully demonstrate net-centric, littoral communications for the warfighter."
Harris Defense Programs develops, supplies, and integrates communications and information processing products, systems, and networks for a diverse base of aerospace, terrestrial and maritime applications supporting U.S. DoD missions. Harris is committed to delivering leading-edge technologies that support the military's ongoing transformation to network-centric communications.
About Harris Corporation
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has annual revenue of more than $5 billion and 16,000 employees - including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications(R) products, systems, and services. Additional information about Harris Corporation is available at www.harris.com.
Sleighton Meyer Jim Burke Harris Defense Programs Harris Corporation sleighton.meyer@harris.com jim.burke@harris.com 321-727-6514 321-727-9131 Marc Raimondi Harris Corporation - Washington, D.C. marc.raimondi@harris.com 202-729-3732
SOURCE Harris Corporation
http://www.harris.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 06-11-2008 for HRS @ $55.10. 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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