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Disclosures For a complete list of past recommendations and corresponding research reports, please send a request to: research-request@wrhambrecht.com Markets MaintainedThis list was last updated on May 4, 2009, unless specifically noted otherwise. WR Hambrecht + Co maintains a market in the shares of the following companies:
[ back to top ] Deals Managed and Investment Banking ServicesWR 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.
[ back to top ] Expected Compensation for Investment Banking ServicesWR 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.][ back to top ] Compensation for Products and Services Other Than Investment Banking ServicesWR 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.] [ back to top ] Beneficial Ownership DisclosureAs of 05/01/09, 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.] [ back to top ] Ownership PositionsAs of 5/01/2009, WR Hambrecht + Co has an ownership position in the following
[ back to top ] Price Target RisksInvestment 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. [ back to top ] Stock Rating SystemThe 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. WR Hambrecht + Co uses the following rating system (last updated January 29, 2009):
[ back to top ] Analyst investment positions[No companies at this time.]
[ back to top ] Obtaining Current DisclosuresApplicable current disclosures can be obtained by calling the toll-free telephone number listed below or by writing to the address listed below.
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WRH+Co Research Dissemination PolicyWRH+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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