Why Wall Street has a bad name

I have owned shares in Energy Conversion Devices (ENER-Nasdaq) for more than a year and to say the least I have been disappointed in the performance of the stock.  ENER is a solar power company which used to be a high flyer when solar stock were all the rage.  The stock price has fallen on hard times along with most solar stocks and currently ENER has been a favorite of short sellers. However, in recent weeks ENER has looked better as there is more talk about solar energy being more viable as a future source of power. So today the news is that some outfit by the name of Hapoalim Securities and some character by the name of Aaron Chew "initiated" coverage of ENER with a sell rating and a target price of $1.50 (the stock was selling at about $5 when this genius issued his sell).  I would wager that this guy and his firm have a vested interest in bashing this stock and more than likely are working with the shorts in an effort to more comfortably cover since ENER has been moving up and scaring the crap out of the shorts.  This type of bogus self-serving research is what gives Wall Street a bad name!!

Leave a Reply

Your email address will not be published.