Coverage: Disclosures
For a complete list of past recommendations and corresponding research reports, please send a request to: research-request@wrhambrecht.com
Markets Maintained
This list was last updated on January 14, 2008, unless specifically noted otherwise.
WR Hambrecht + Co maintains a market in the shares of the following companies:
| AAPL | Apple Inc. |
| ACTS | Actions Semiconductor Co., Ltd. |
| ACTU | Actuate Corporation |
| ACUS | Acusphere Inc. |
| ADBE | Adobe Systems Incorporated |
| ADEX | ADE Corporation |
| AKAM | Akamai Technologies, Inc. |
| ALKS | Alkermes Inc. |
| ALTI | Altair Nanotechnologies Inc. |
| AMAT | Applied Materials Inc. |
| AMLN | Amylin Pharmaceuticals Inc. |
| AMZN | Amazon.com Inc. |
| ARBA | Ariba, Inc. |
| ARTC | Arthrocare Corp. |
| ARUN | Aruba Networks, Inc. |
| ATYT | ATI Technologies Inc. |
| AVCT | Avocent Corp |
| AVRX | Avalon Pharmaceuticals, Inc. |
| BCSI | Blue Coat Systems Inc |
| BEAS | BEA Systems Inc. |
| BLKB | Blackbaud, Inc. |
| BOFI | BofI Holding Inc. |
| CLNE | Clean Energy Fuels Corp. |
| CMGI | CMGI, Inc. |
| CMRG | Casual Male Retail Group Inc. |
| CRYO | CryoCor, Inc. |
| CSCO | Cisco Systems Inc. |
| DELL | Dell, Inc. |
| DEPO | Depomed, Inc. |
| DOVR | Dover Saddlery, Inc. |
| DRRX | Durect Corporation |
| EBAY | eBay Inc. |
| EMIS | Emisphere Technologies, Inc. |
| ENCY | Encysive Pharmaceuticals |
| ENDP | Endo Pharmaceuticals |
| EXTR | Extreme Networks Inc. |
| FCSE | FOCUS Enhancements Inc. |
| FDRY | Foundry Networks Inc. |
| FFIV | F5 Networks Inc. |
| FNET | FortuNet, Inc. |
| GOOG | Google Inc. |
| GSIT | GSI Technology |
| GTOP | Genitope Corporation |
| HRAY | Hurray! Holding Co., Ltd |
| HTCH | Hutchinson Technology Inc. |
| IOPM | Intraop Medical Corp. |
| JRJC | China Finance Online Co. Limited |
|
| LPSN | LivePerson, Inc. |
| MNKD | MannKind Corporation |
| MORN | Morningstar Inc. |
| NLST | Netlist, Inc. |
| NBIX | Neurocrine Biosciences Inc. |
| NKTR | Nektar Therapeutics |
| ORCL | Oracle Corporation |
| OSTK | Overstock.com Inc. |
| PEET | Peet's Coffee & Tea Inc. |
| PKTR | Packeteer, Inc. |
| PNRA | Panera Bread Company |
| QCOM | Qualcomm Inc. |
| REDE | RedEnvelope Inc. |
| RFMD | RF Micro Devices Inc. |
| RIMM | Research in Motion Ltd. |
| RVBD | Riverbed Technology |
| RNOW | RightNow Technologies Inc. |
| SALN | Salon Media |
| SBUX | Starbucks Corporation |
| SHPGY | Shire Pharmaceuticals Group Plc |
| SIMO | Silicon Motion Technology Corp. |
| SNDK | SanDisk Corporation |
| SNWL | SonicWALL Inc. |
| SWKS | Skyworks Solutions Inc. |
| SYMC | Symantec Corporation |
| TEVA | Teva Pharmaceutical Industries Ltd. |
| UEIC | Universal Electronics Inc. |
| VRSN | VeriSign, Inc. |
| VRTX | Vertex Pharmaceuticals, Inc. |
| WIND | Wind River Systems, Inc. |
| YHOO | Yahoo! Inc. |
|
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Deals Managed and Investment Banking Services
WR Hambrecht + Co managed or co-managed a public offering of securities and/or
received compensation for investment banking services from the following WR
Hambrecht + Co Research Coverage companies on the respective dates as indicated.
In addition, the following companies currently are, or during the past 12 months
were, clients of WR Hambrecht + Co.
NetSuite (N) Co-Manager, 12/19/07
|
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Expected Compensation for Investment Banking Services
WR Hambrecht + Co and/or its affiliates expects to receive or intends to seek compensation during the next three months for investment banking services from these WR Hambrecht + Co Research Coverage companies, their subsidiaries, or affiliates:
[No companies at this time.]
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Compensation for Products and Services Other Than Investment Banking Services
WR Hambrecht + Co received compensation for products or services other than
investment banking services in the past 12 months from the following companies.
In addition, the following companies currently are, or during the past 12 months
were, clients of WR Hambrecht + Co:
[No companies at this time.]
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Beneficial Ownership Disclosure
As of 7/09/08, WR Hambrecht + Co has a beneficial ownership of greater than 1% in the common equity securities of the following WR Hambrecht + Co Research Coverage companies:
[No companies at this time.]
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Ownership Positions
As of 7/09/08, WR Hambrecht + Co has an ownership position in the following WR Hambrecht + Co Research Coverage companies:
[No companies at this time.] |
|
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Price Target Risks
Investment risks associated with the achievement of the price target include,
but are not limited to, the companyÆs failure to achieve our earnings and revenue
estimates, unforeseen macroeconomic and/or industry events that adversely impact
demand for the companyÆs products or services, product obsolescence, changes
in investor sentiment regarding the specific company or industry, intense and
rapidly changing competitive pressures, the continuing development of industry
standards, the companyÆs ability to compete for talent, and adverse market conditions.
For a complete discussion of the risk factors that could affect the market price
of the companyÆs shares, refer to the most recent form 10-Q or 10-K that the
company has filed with the SEC.
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Stock Rating System
The WR Hambrecht + Co stock ratings system reflects the investment decisions
our clients face every day, and is meant to assist clients in making these decisions
by recommending a specific action to take with each stock we cover. All of the
ratings correspond to a specific investment action that we recommend taking
on the date the research is published. Thus, Buy ratings are reserved only
for stocks that we would be actively buying at the time the research is published.
Hold ratings are reserved for stocks that we recommend holding. Sell ratings
are assigned to stocks where the analyst anticipates stock price declines for
any reason. None of our ratings are qualitative in nature (e.g., Strong Buy)
because these recommendations do not correspond to an investment action (investors
cannot Strong Buy a stock). Please note also that the price expectations that
determine the rating are in absolute dollar terms, not in terms of relative
performance to a sector or an index. Therefore, analysts will not use the Buy
rating for stocks that are expected to perform well relative to their sector
but only for stocks that are expected to appreciate in actual dollar returns.
NOTE: WR Hambrecht + Co does not assign ratings to research reports of companies for which investment banking services have been provided.
WR Hambrecht + Co uses the following rating system (last updated July 9, 2008):
| |
% of companies under coverage with this rating |
% for which Investment Banking services have been provided in the previous twelve months |
Buy |
Stocks rated Buy are those we recommend actively buying; these stocks
are expected in absolute dollar terms to appreciate at least 10% over
the next 6 months.
|
39% |
0% |
Hold |
Stocks rated Hold are those stocks we would continue to hold in our
portfolio; these stocks are expected to appreciate or depreciate in absolute
dollar terms less than 10% over the next 6 months.
|
15% |
0% |
Sell |
Stocks rated Sell are those we would be actively selling; these stocks
are expected to depreciate in absolute dollar terms at least 10% over
the next 6 months
|
0% |
0% |
Not Rated |
|
46% |
17% |
Stock Performance and Ratings & Price Targets
To view the Stock Performance and Ratings & Price Targets chart for a company,
click on the linked symbol or company name.
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Analyst investment positions
Analyst Lawrence Petrone has a long investment position in Blackbaud (BLKB).
Analyst Matthew Kather has a long investment position in Universal Electronics Inc. (UEIC).
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Obtaining Current Disclosures
Applicable current disclosures can be obtained by calling the toll-free telephone
number listed below or by writing to the address listed below.
WR Hambrecht + Co
Compliance Department
Pier 1, Bay 3
San Francisco, CA 94111
1-877-828-5200
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WRH+Co Research Dissemination Policy
WRH+Co research reports are made available simultaneously to institutional and retail clients and WRH+Co employees within Sales and Trading through email and through the WRH+Co client website. Parties interested in obtaining copies of WRH+Co research reports may request such research reports by emailing research-request@wrhambrecht.com.
WRH+Co may also disseminate its research through other distribution channels such as First Call or news organizations, which generally occurs on a delayed basis. Typically, WRH+Co will distribute research to First Call approximately two hours after the research has been distributed to clients, employees and through the WRH+Co client website. WRH+Co may not be able to control the timing or channels of any distribution of a research report subsequent to the release of the research report to its clients and employees. WRH+Co is under no obligation to continue to distribute WRH+Co research through First Call or any other news organizations and may discontinue such distribution at any time without further notice.
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Morningstar Research:
Morningstar, Inc. provides W.R Hambrecht + Co., LLC and its users with access to Morningstar research content and analytical tools pursuant to a fee-based licensing arrangement.
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IMPORTANT NOTE
The information contained herein about the companies under research coverage
is based on sources believed to be reliable but is neither all-inclusive nor
guaranteed by WR Hambrecht + Co, LLC (WRH+Co). The information contained herein
relative to WRH+Co's and the analyst's involvement with the issuer is accurate.
Any opinions expressed in this report reflect our judgment at this time, are
subject to change without notice, and may differ or be contrary to opinions
expressed by other business areas or groups of WRH+Co as a result of using different
assumptions and criteria. WRH+Co does not undertake to advise you of changes
in its opinion or information. Most of the companies WRH+Co follows are emerging
growth companies whose securities typically involve a higher degree of risk
and more volatility than the securities of more established companies. The securities
discussed in the reports included in WRH+Co Research may be unsuitable for investors
depending on their specific investment objectives and financial situation and
needs. No report included in WRH+Co Research is a recommendation that any particular
investor should purchase or sell any particular security in any amount or at
all, and is not a solicitation of any offer to purchase or sell from or to any
particular investor. WRH+Co research analysts are compensated out of general
firm revenues, which include fees earned in investment banking transactions.
For additional information that may be available on the securities mentioned,
please contact WRH+Co. Copyright 2007, WR Hambrecht + Co. All rights reserved.
Member FINRA/SIPC.
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