A UBS report on Schnitzer Steel Industries dated 4/3/09 issues a sell recommendation with the company selling at $35.58 per share.
On 5/29/09, less than two months later Schnitzer was selling at $54.54 per share - a gain of 53%.
I had recommeded Schnitzer to be a buy back then because it is a first rate scrap company then selling for 80% of book.
I think the investment research from the major brokerage houses is a waste.
Saturday, May 30, 2009
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1 comments:
I agree. They as a matter of practice seem to give buy signals at the top, and sell signals at the bottom. They are making recommendations based on the momentum of the moment. It doesn't help investors, but it most certainly helps their bottom line.
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