No More Secrets

Companies must now tell you what they tell Wall Street. Here's how to be in the know

You can't help marveling at Merrill Lynch star Internet analyst Henry Blodget. Bullish through a five-month bloodletting, he decided last week to downgrade his opinion on 11 onetime highflyers, including Doubleclick, eBay and eToys. In the case of eToys, the stock had dropped 95%. Losing any more, I suppose, would be just too much to bear. So Blodget stepped up with his gutsy downgrade while investors everywhere, in spirit, collectively asked, Who needs analysts anyway?

Wall Street's battalion of corporate sleuths has rarely been more in focus. Many of them make upwards of $1 million annually, some for doing little more...

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