Wedbush Morgan does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
ANALYST CERTIFICATION
The analyst certify that the views expressed in this report accurately reflects his or her personal opinion and that the analyst have not and will not, directly or indirectly, receive compensation or other payments in connection with his or her specific recommendations or views contained in this report.
IMPORTANT DISCLOSURES
INVESTMENT RATINGS
STRONG BUY – The stock is expected to return at least 20% over the next 6-12 months.
BUY – The stock is expected to return at least 15% over the next 12 months.
HOLD – The stock is expected to return between -15% and +15% over the next 12 months.
SELL – The stock is expected to decline by at least 15% over the next 12 months.
DISTRIBUTION OF RATINGS (as of September 30, 2006)
BUY – 54% (5% of this rating category were investment banking clients within the last 12 months).
HOLD – 44% (2% of this rating category were investment banking clients within the last 12 months).
SELL – 2% (0% of this rating category were investment banking clients within the last 12 months).
The analysts responsible for preparing research reports do not receive compensation based on specific investment banking activity. The analysts receive compensation that is based upon various factors including WMS’s total revenues, a portion of which are generated by WMS’s investment banking activities.
WMS makes a market in the securities mentioned herein.
WMS managed an underwriting for Shoe Pavilion (SHOE) and TAC Acquisition (TACA) and co-managed underwritings for Ceradyne (CRDN), Clean Harbors (CLHB), Crocs (CROX), and Hexcel (HXL) within the last 12 months.
WMS has received compensation for investment banking services from Ceradyne (CRDN), Clean Harbors (CLHB), Crocs (CROX), Headwaters (HW), Hexcel (HXL), Shoe Pavilion (SHOE), and TAC Acquisition (TACA) within the last 12 months.
WMS expects to receive or intends to seek investment banking related compensation from Herbalife (HLF) within the next three months.
WMS and its affiliates own warrants in the common equity of 24/7 Real Media (TFSM) and TAC Acquisition (TACA).
WMS and its affiliates beneficially own 1% or more of the common equity securities in Sport Chalet (SPCHA), TAC Acquisition (TACA), and Virco Manufacturing (VIR).
WMS changed its rating system from (BUY/ HOLD/SELL) to (STRONG BUY/BUY/HOLD/SELL) on January 5, 2006.
Additional information is available upon request.
OTHER DISCLOSURES
RESEARCH DEPT. * (866) 855-4529 * www.wedbush.com
Member New York Stock Exchange and Other Principal Exchanges
INSTITUTIONAL TRADING Los Angeles (213) 688-4470 / (800) 421-0178 *
INSTITUTIONAL SALES Los Angeles (800) 444-8076
CORPORATE HEADQUARTERS (213) 688-8000
The information herein is based on sources that we consider reliable, but its accuracy is not guaranteed. The information contained herein is not a representation by this corporation, nor is any recommendation made herein based on any privileged information. This information is not intended to be nor should it be relied upon as a complete record or analysis; neither is it an offer nor a solicitation of an offer to sell or buy any security mentioned herein. This firm, Wedbush Morgan Securities, its officers, employees, and members of their families, or any one or more of them, and its discretionary and advisory accounts, may have a position in any security discussed herein or in related securities and may make, from time to time, purchases or sales thereof in the open market or otherwise. The information and expressions of opinion contained herein are subject to change without further notice. The herein mentioned securities may be sold to or bought from customers on a principal basis by this firm. Additional information with respect to the information contained herein may be obtained upon request.
Login
