The eight page weekly is the only PR newsletter on LEXIS/NEXIS.
Edition, March 2, 2005, Page 1
N.C. DANGLES $7.4M
Health and Wellness Trust Fund Commission, the state agency
set up to distribute billions of dollars from the Master
Settlement Agreement with tobacco companies, has issued
an RFP for its $7.4 million annual account for social marketing.
comprehensive effort includes advertising, PR, grassroots,
media outreach, web work and other initiatives related to
health issues like smoking cessation and obesity in the
Goddin Media and the Ruiz Agency are among the state agency's
percent of the multi-million-dollar budget will go toward
its teen tobacco use prevention and cessation efforts, while
15 percent is earmarked for its "Fit Together"
of those allotments are for ads and PR. The remaining five
percent is for other "earned media" efforts.
Arkansas has $2.4 million allotted for the next two years
of its anti-tobacco efforts, including a $1.8 million public
outreach and education push and a $600K campaign backing
its smoking cessation hotline.
are being accepted through March 17.
Cranford Johnson Robertson Woods in Little Rock has held
the contract since its inception in 02.
HOFFMAN WINS AMAZON
The Hoffman Agency has won a review for Amazon.com's technology
PR account, according to sources familiar with the pitch.
Fleishman-Hillard had handled the work.
Lou Hoffman, president of THA, declined to comment. Amazon's
VP of corporate communications, Kathy Savitt, did not return
Hoffman, based in San Jose, Calif., bolstered Amazon's media
push to launch its A9.com unit's local business search portal
in January. That Yellow Pages-like service wants to make
a run at Google and Yahoo's search supremacy on the web
and includes classified listings of businesses along with
20 million digital images of storefronts.
81, one of the principal founders of the National Investor
Relations Institute in 1970, died Feb. 20 after a long bout
with Parkinson's disease. A graduate of Harvard College,
he was in IR posts at Singer and General Electric. He was
in the IR Assn., New York, which founded NIRI.
SSA SUED FOR ITS PR
Citizens for Responsibility and Ethics in Washington has
filed a complaint in U.S. District Court, demanding that
the Social Security Administration comply with its Freedom
of Information Act request for its PR contracts.
The non-profit group issued FOIA requests with 22 agencies
on Jan. 11 requesting their PR contracts. CREW is still
waiting for the documents.
Melanie Sloan, CREW's executive director, told O Dwyer's
that she has heard back from a "bunch of agencies,"
and was recently contacted by a SSA official who said they
are "working on her request."
Federal agencies, under FOIA, have 20 days to respond to
a requester, said Sloan. They may be granted a 10-day extension
under "exceptional circumstances." Sloan, however,
said the "courts are very sympathetic to federal agencies
that claim to be making a good faith effort to comply with
FOIA." She singled out SSA for a lawsuit because of
media reports that staffers are being used to pitch a doomsday
future for the retirement plan unless President Bush's overhaul
ideas are put into place.
CREW's complaint notes that a search of the federal database
shows that Fleishman-Hillard has various contracts with
SSA worth $1.8 million.
Martha Boudreau, head of F-H's D.C. office, told O'Dwyer's
that the firm handles the "Ticket to Work" program
designed to find jobs for disabled/blind people receiving
F-H has been involved in that program since Sept. `03.
"We have absolutely nothing to do" with promoting
the need for reform," stressed Boudreau.
OMC ANALYSTS SKIP
Although Omnicom unit Ketchum is the subject of at least
six government investigations (FCC, GAO, Inspector General,
Congress, the Pentagon and Dept. of Education), and the
probes touched off a major story on PR in the Feb. 13 New
York Times, the subject was unmentioned in a 35-minute
OMC analyst conference call on Feb. 22.
Six analysts raised financial questions on the call which
began at 8:35 a.m. and ended at 9:10 a.m., 20 minutes before
the scheduled end. A moderator said there were no more questioners
in the cue. Reporters may listen but may not ask questions.
on page 7)
Edition, March 2, 2005, Page 2
CORZINE RIPS AARP 'SMEAR.'
Senator Jon Corzine has sent a letter to President Bush
asking him to "repudiate the tactics employed by USA
Next and restore civility and honor to the on-going Social
The New Jersey Democrat zeros in on an Internet ad created
by USA Next attacking AARP, the leading opponent of Bush's
Social Security revamp plan, as being opposed to American
soldiers and in favor of gay marriages.
USA Next, which is advised by members of the Swift Boat
Veterans for Truth the group that smeared John Kerry
posted the ad briefly on the American Spectator site.
The ad has side-by-side images. One picture is that of
an American soldier with a red X over the image, and the
other is of a gay wedding with a green check mark over the
Corzine notes that the Associated Press has reported that
AARP has neither taken a position on the U.S. military nor
In his letter to Bush, Corzine wrote: "The motive
for USA Next's irresponsible use of such hot button issues
is not difficult to decipher, if you can't attack the message,
attack the messenger no matter how dishonest and off base
those attacks become."
USA Next plans to spend $10 million to counter AARP. It
says the gay marriage ad was a test spot.
'VERDICT' FOR OGILVY.
Robinson Lerer & Montgomery is distributing a "verdict
statement" on behalf of sister WPP Group company, Ogilvy
& Mather Worldwide, following the Feb. 22 conviction
of two former executives Thomas Early and Shona Seifert
for overbilling the National Drug Control Policy
Walter Montgomery, CEO of RL&M, provided the statement
to O Dwyer's . It says the actions of the executives are
"completely inconsistent with the core values"
of the ad giant. The statement notes that "while no
criminal charges were brought against Ogilvy itself, and
the charges against the former employees related only to
a single government contract with the New York agency, Ogilvy
has taken this matter very seriously."
It describes moves that Ogilvy has made to maintain "strict
ethical standards." Those include creating an ethics
hotline, providing employee training and revamping its accounting
O&M no longer handles the anti-drug account, which
is now at Interpublic's Foote Cone & Belding unit. Hill
and Knowlton had represented Ogilvy.
GLOVER FLIES WITH AIRBUS.
The Glover Park Group is representing European aircraft
maker Airbus, which is making a pitch for the $22 billion
refueling tanker deal from the Pentagon.
Congress killed a contract with Boeing last year following
news that an Air Force official admitted favoring the Chicago-based
aerospace company in return for a job for herself and her
Airbus, in its pitch, promises to build a factory in the
U.S. if it wins the pact. The France-based company invited
officials from 35 states to a meeting in Washington, D.C.,
last month to let them make their case for the facility.
The company may team with Northrop Grumman to improve its
chances of landing the deal. Airbus North America CEO Ralph
Crosby is a former NG executive.
Sen. Patty Murray (D-Wash.), has been the leading critic
of Airbus PR efforts. On her website, Murray rips Airbus
for engaging in a "slick campaign to market themselves
as American companies to policy makers and the general public.
They are running a campaign of misinformation and half-truths
to secure more U.S. business for European workers."
Boeing's commercial airline unit is based in Seattle. The
company announced on Feb. 22 that it would sell its Wichita
and Tulsa aircraft plants to Canada's Onex Corp. for $900
Harbour Group founder Joel Johnson, who joined GPG on Jan.
10 to open its legislative affairs unit, heads the Boeing
work. He is joined by former HG staffers Brett O Brien,
Erin Graefe and Kim James.
KEKST GUIDES WINN-DIXIE.
Kekst & Co. is handling PR for Winn-Dixie Stores, the
Jacksonville-based operator of more than 900 supermarkets
in eight southern states.
The company, founded in 1925 by William Davis, cited "increased
losses and reduced liquidity, coupled with subsequent credit
downgrades from the major debt rating agencies," among
reasons for its Chapter 11 filing.
The company reported a $552 million net loss on $5.4 billion
in first-half `05 revenues.
CEO Peter Lynch expects a streamlined W-D will emerge from
Chapter 11 better equipped to compete in the marketplace.
W-D's market share has been under assault by Wal-Mart Stores.
Wal-Mart founder Sam Walton served on W-D's board of directors
during the `80s.
The Bentonville, Ark.-based behemoth opened its first supercenter
in `88 after Walton stepped down from the W-D board of directors.
W-D is asking for approval to terminate the leases on 150
stores that have been closed.
Its balance sheet shows $2.2 billion in total assets vs.
$1.9 billion in total liabilities.
K&C has Michael Freitag, Caroline Gentile and Wendi
Kopsick working on the Winn-Dixie account.
WPP Group reported
a 15 percent surge in `04 profit, powered by spending
for the Olympics and the U.S. elections. The news drove
WPP's stock to a 52-week high.
CEO Martin Sorrell expects WPP to grow at a 3-4 percent
clip, increasing its market share vis-a-vis Omnicom, Interpublic,
Publicis Group and Havas.
Edition, March 2, 2005, Page 3
PR PRO WANTS
TO STOP FAKE NEWSCASTS.
Lois Whitman, president of HWH PR in New York, wants corporate
America to stop buying pre-paid TV news and feature stories.
"The government is doing something about it, and now
it is time for corporate America to say, `No to sponsoring
phony TV news broadcasts," Whitman said on her new
blog site at hwhpr.com.
She said more and more, PR agencies and the client themselves
are looking for a quick fix to their publicity programs
by paying anywhere from $25,000 to $150,000 to be a part
of a phony TV newscast or bogus TV feature that will provide
significant exposure to their products or services.
big name hosts
Whitman said these productions are not done by legit editorial
people, who get paid by the networks to have unbiased opinions,
but rather by video production houses that know how to mimic
the real thing.
"Many times the video production studios will even
hire the likes of Morley Safer or Michael Douglas to act
as hosts of their shows," according to Whitman, who
wonders if these notables realize that appearing in one
of these fake programs could mean the kiss of death to their
Although these practices have been around for years, she
said she gets a call every day from a video production company
"telling me that one of my clients is being considered
for a feature story on hot new products for a holiday gift-giving
"Shame on PR agencies who try to pass this off to
clients as true editorial placements, and shame on corporations
who are so desperate for editorial coverage that they will
pay their way to try to fool the public," said Whitman.
She noted that most of the pre-paid TV news and feature
stories never see prime time no matter how much the video
production companies swear they have major viewing audiences.
"Most of the programs run in the middle of the night,
in cities no one has ever heard ofor in a lot of cases
they do not run at all," she said.
She said "sad sack corporations or desperate PR agencies"
can pretend they received quality coverage because they
have DVDs of the program, which they can show to shareholders
The Deal has formed a content partnership with CNET
News.com to produce a new bimonthly tech business magazine
called Tech Confidential, starting in May 2005.
Suede Magazine, which was launched in Sept. 2004
by Essence Communications as an urban fashion publication,
will go on hiatus after the April issue.
Time Inc. said it will make every effort to place the affected
staffers at ECP, Time Inc., or at another Time Warner division.
Variety has started Vlifemag.com as a luxury consumer
website with new stories posted daily, plus content created
for the online version of VLife magazine, which premiered
in March 2003. Tom Tapp is executive editor of VLife.
Retired Investor has been started as a monthly journal
by Index Investor Inc. in Providence, R.I. The magazine
will feature two articles on different post-retirement topics.
Tom Coyne, who is editor, can be reached at [email protected].
DM News will publish
a supplement April 4 that will focus on how production and
printing companies are updating their services with the
The supplement is being edited by Mickey Alam Khan, senior
editor and director of editorial and business development,
who can be contacted at 212/925-7300, ext. 216, or [email protected].
is a new website that will offer news and opinions plus
links to points of interest.
Dennis Mullin, a former foreign correspondent for U.S.
News & World Report, who is publisher and editor-in-chief
of GlobalOpEd, heads a team of 10 staff writers based in
who is managing editor, said "our intention is to give
citizens worldwide the ability to be heard." Rife can
be reached at 202/422-5828.
28, formerly writer-at-large for GQ magazine from
2000-2004, and Andrew Putz, 31, formerly a senior editor
at Indianapolis Monthly have joined the staff of
former senior corporate communications executive for Belo
Corp., the newspaper and broadcast conglomerate in Dallas,
is opening a PR firm called the Idea Grove in Dallas.
"You ll get no double talk from us because we say what
we mean the first time," said Baradell, who can be
reached at 972/235-3439 or e-mail: [email protected].
previously at New York magazine, has rejoined Fairchild
Publications as associate editor of "Eye," where
he will do party coverage and features for W and
Women's Wear Daily.
was named managing editor of Platts Emissions Daily,
a new newsletter based in London that will cover all the
daily activities of global emissions markets.
(Media news continued
on next page)
Edition, March 2, 2005, Page 4
NEW MAG CATERS
TO MIDDLE EASTERNERS.
Unique Image's new magazine, ALO Hayati, will focus
on the lifestyles of people from the Middle East.
While the core audience are the Americanized Middle Easterm
community, ALO will also cover stories of individuals from
The magazine, which is based in Beverly Hills, Calif.,
will cover social affairs, fashion, cuisine, health, entertainment,
travel, art, heritage, business, family values, and products
and services from all corners of the world.
ALO Hayati means "Hello Darling," said Michael
Lloyd, editor-in-chief, who said the magazine's mission
is to "help everyone discover the Middle East without
focusing on the negativity often associated with this region.
"ALO is the first and only publication that allows
advertisers to reach the growing Americanized Middle Easterner
(7+ million strong) while delivering an upbeat lifestyle
format," Lloyd said.
The full-color publication is written entirely in English,
and its content is non-political and non-religious.
ALO will be published quarterly, starting with the spring
issue, and distributed across the U.S., starting with a
reader base of 50,000, according to the publisher, Wafa
Lloyd can be reached at 818/727-7785; e-mail [email protected].
UN CHIN MAKES
Un Chin Magazine's first nationally distributed issue
of 2005 has been released.
Ramon Veras, who is editor-in-chief of Un Chin, said the
magazine's coverage will accentuate the pulse of a new Latino
culture by fusing arts, fashion, politics and language,
bringing neglected elements of popular culture into the
The premier "Music Mayhem" issue hit newsstands
on Feb. 1. The cover story profiles Oscar nominee Javier
Bardem, star of Mar Adentro, which won this year's Golden
Globe Award for Best Foreign Film.
The issue also has an array of articles and exclusive images
that illuminate the lifestyle of the growing Latino population
in the U.S., who are emerging as trendsetters and opinion
Veras and Jenny Rodriquez, who is managing editor, are
based in New York, and can be reached at 212/304-8188; fax:
ITS 10TH ANNIVERSARY.
The founder of Ode Magazine, the international news
magazine, which marks its 10th anniversary with the March
issue, remains committed to publishing stories about people,
ideas and trends that are changing the world.
"The idea that `good news is no news is simply false,"
said editor-in-chief Jurriann Kamp, who began publishing
Ode in his native Netherlands in 1995. "Although newspaper
headlines and TV news continue to imply otherwise, there
are many more successes than failures to report."
He started an international English edition in the U.S.
in Oct. 2003.
Jay Walljasper is executive editor of the U.S. edition,
which has a U.S. subscription base in excess of 50,000.
"Our March cover story is the essence of what Ode
has been about for the last 10 years," said Kamp of
the magazine's mission. "Thankfully, there are a lot
of people in the world who do not give up hope easilywho
enthusiastically join or launch initiatives that make a
difference. These people are the `face of Ode."
Ode's March cover story, "Soul Messenger," highlights
protest music icon Michael Franti, whose mission to communicate
the importance of social justice through music has taken
him on tour with the rock band U2 and, most recently, to
Franti's sojourn in Iraq revealed a picture of resilient
residents engaged in daily life behind the bombs and warfare,
"Houses were in ruins or on the verge of collapse,
there was no electricity and hardly any water," said
Franti of his experience in Baghdad. "And in the middle
of all the chaos, life on the streets simply goes on: people
go shopping, chat with one another on the street, children
go to school."
Kamp points to Ode as a "point of light" in a
mass movement toward a new kind of journalism, "Executives
and politicians now are beginning to recognize they cannot
ignore their constituencies.
And we are seeing journalists understand that readers,
listeners and viewers have the right to hope.
"We will continue to focus on all those beautiful,
hopeful initiatives that deserve our attention. There are
answers and solutions to the many challenges we facewe
can believe in true progress," said Kamp.
BIZ SCHOOL FOR
Administrators at City Univ. of New York (CUNY) have decided
to drop a graduate program for business journalists at Baruch
The decision comes only weeks after the hiring of Stephen
Shepard, the top editor of Business Week magazine,
to lead a new graduate school of journalism.
Joshua Mills, the program's director, had hoped the program
would be incorporated into the new journalism school.
PR pro Howard Rubenstein, who was named to head the advisory
board, recently said the new CUNY j-school, which is set
to open in fall 2006, will not offer a PR curriculum.
Edition, March 2, 2005, Page 7
ANALYSTS SKIP KETCHUM ISSUE
(con't from 1)
OMC CEO John
Wren and CFO Randy Weisenberger, who conducted the call,
could not be reached following the call.
first 20 minutes of the call consisted of Weisenberger reading
statistics that had already been supplied to the analysts.
of Merrill Lynch asked about new business in Q1 and Wren
responded that new wins total about $1 billion. She also
asked about the effect of foreign exchange on OMC's earnings.
of Bernstein & Co. asked about the effects of the Olympics
on Q4 earnings. Steven Barlow of Prudential Equity Group
asked about OMC's business in Europe.
of Bear Stearns & Co. asked about client budgets for
2005 and was told by Wren that "Clients are bullish."
of Salomon Smith Barney asked about acquisitions that might
be in the "pipeline" and Wren replied that "The
acquisition pipeline is strong."
of William Blair asked about the outlook for 2005 and whether
growth would be in the "low to mid 6% range."
answered that business was good in the U.S., Asia and South
America while Europe was "flat." He foresees "some
improvement" in 2005.
which several years ago was spending more than $800 million
annually on acquisitions, spent $378M on this in 2004 including
$32M for new acquisitions; $151M for units partially owned,
and $192M in earnout payments.
spent $46.5M buying its own shares in 2004 vs. $25.9M on
this in 2003 and $371M in 2002.
earnout payments are estimated by Fine to total $458M through
2008 and later while potential put obligations were said
to be $274M, of which $163M are currently exercisable.
earnings rose 12% to $236.5M and diluted earnings per share
14% to $1.28. Revenues rose 11% in Q4 to $2.789B. Net for
2004 rose 15% to $723.5M on revenue of $9.747B. Diluted
EPS rose 15% to $3.88.
accounted for 10.7% of revenues, up 15.7%. Advertising made
up 43.1% of revenues; direct mail and similar services,
35.2%, and specialty services, 17.7%.
costs will be $60-$70M in 2005. They
were $40M+ in 2004.
does not provide a balance sheet with its quarterly earnings
although NIRI urges this. It will be provided to the SEC
on or close to the March 15 deadline.
of Sept. 30, 2004, OMC had $2.58 billion in long-term debt.
Credit services also count earnout and put obligations as
debt. These total $732M.
As of 9/30/04, goodwill was $6.1B and tangible net assets
NAMES FIRST PR HEAD.
The National Investor Relations Institute named Heather
Sieber as VP of communication, its first on-staff PR person
in its 35-year history.
was at the Federal Home Mortgage Corp. (Freddie Mac) from
1999 to 2005 as investment business communications manager.
revealed in 2003 that it had understated profits by $4.5B
for 2000-2002 to smooth out earnings.
Sister company Fannie Mae has shown "a pervasive pattern
of earnings manipulation and lax internal controls,"
an AP story said Feb. 23.
which has 4,400 members and $4.5M in cash, had used Douglas
Parillo as outside PR counsel until he retired two years
reports, many distributed by NIRI members, have been criticized
Consistent IR Critic
Oct. 4, 2004 Business Week attacked "Fuzzy Numbers"
that it said were being distributed "despite the reforms"
sought by Sarbanes-Oxley.
covers included "Accounting in Crisis" (Jan. 28,
2002); "Confused About Earnings" (Nov. 26, 2001),
and "Numbers Game" (May 14, 2001).
(Oct. 4) said, "The broader concern is that financial
statements are often incomplete, inconsistent, or just plain
unclear, making it a nightmare to sort out fact from fantasy."
IR people think there will be more pressure for good financial
reporting if workers are allowed to invest Social Security
funds in stocks.
was a major backer of the so-called "Safe Harbor Act"
of 1995 that made it more difficult for investors to sue
companies whose stocks had taken sudden dips or which restated
earnings. The Act was mostly aimed at dot-com start-ups
that were being hit with lawsuits.
for stockholders said that giving the dot-coms a freer hand
to report rosy earnings helped fuel the dot-com boom which
turned into the dot-com bust.
Clinton vetoed the bill but Congress overrode it, the only
time this happened in the Clinton Presidency.
who spent a decade at Ketchum handling Levi Strauss, Mattel
and Maybelline brands, has assumed the senior VP post at
Manning, Selvage & Lee's Los Angeles office.
is responsible for business from Nestle (Baby Ruth, Crunch,
Infant Formula and Butterfinger), General Motors, TurboTax
most recently, was communications director for TV producer
Norman Lear's "Declare Yourself" campaign designed
to encourage young people to vote. In that capacity, she
organized events and media opportunities for celebs.
will act as the West Coast liaison to MS&L's entertainment
group in New York.
Internet Edition, March
2, 2005 Page 8
Two stories broke
last week that put the spotlight on the sad shape
of investor relations.
One was the weak performance of analysts on the Omnicom
conference call Feb. 22 (page one). No one dared ask about
the troubles at two big OMC PR unitsKetchum and Fleishman-Hillard.
PR, after all, is 10% of OMC's gross or about $1 billion.
It's not inconsequential.
The problem is that too many analysts have been co-opted
by the companies they re covering.
The employers of the analysts invariably are doing business
with the companies being covered and the analysts may own
stock in these companies.
Aiding and abetting
this abusive setup are the IR people who feed numbers
to the analysts and public. Business Week says the numbers
"are often incomplete, inconsistent, or just plain
unclear, making it a nightmare to sort out fact from fantasy."
Four BW cover stories have covered this communications
disaster, dating from May 14, 2001 when a cover said "Companies
use every trick to pump earnings and fool investors."
It's long since overdue for PR to take back control over
IR, which it lost in the 1970s to the National Investor
NIRI was founded by the Investor Relations Assn.. an elite,
private group of about 30 New York blue-chip corporate IR
managers who wanted a new society dominated by corporate
people, not counselors (who they felt mostly ran PRSA).
The insular, corporate-oriented nature of NIRI governance
is an impediment to the improved financial reporting that
is needed, especially if the public starts to invest $250
billion year in stocks from its Social Security funds.
The other story was
the appointment of NIRI's first staff PR person (page 7),
indicating NIRI feels it needs some input in this area.
What NIRI needs on its board are top executives from the
big independent PR firms like Edelman PR Worldwide and Ruder
Finn. It also needs some top management and financial consultants.
PRSA, recognizing its own dysfunctional and undemocratic
governance, has two committees studying changes. It also
We don't expect either NIRI or PRSA to reform themselves.
That would be boot-strapping.
They will only see the light if enough rank-and-file members
of each group put pressure on the boards. If not, a blow-up
of some type will take place at each organization.
The New York Times story by Tim O'Brien on Feb 13
was a wake-up call to PRSA and NIRI.
Compounding the situation is the weakness of the Securities
& Exchange Commission and other Wall Street watchdogs.
Financial columnist Christopher Byron, writing in the N.Y.
Post Feb. 7, blasted "the underpaid, under-staffed
and outgunned members of the SEC and their equally ineffectual
sidekicks at the National Assn. of Securities Dealers and
A Gallup poll, Byron noted, found the public sees stockbrokers
at "very near the bottom" of 23 career categories,
along with car salespeople.
At least 10 major companies collapsed in accounting scandals
in the five years since the dot-com bust, Byron noted, costing
the public tens of billions. How can the "retirement
treasure of the entire nation" be placed in the "palsied
hands" of the Wall St. enforcement system, he asked?
We fault NIRI for being
too corporate-oriented to the detriment of the very
companies it wants to serve. We wonder about its sense of
right and wrong. For instance, NIRI and the CFA Institute
have just released "guidelines" saying that analysts
who do paid-for research for companies must not "trade
in the securities of the subject company ahead of the release
of a research report."
This misses the point, according to Gayle Essary of InvesTrend,
a group of about 70 analysts who do paid-for research for
investors and companies.
People who write about stocks should not personally own
the stocks and this includes analysts at brokers, IR people
for companies and the analysts who are in brokerage houses,
Essary says. It's a "irreconcilable conflict of interest
and wrong," he says with as much emphasis as he can
Simply disclosing that the individual or company "may
have an interest" in the stock being written about
is not enough, he says.
Lou Thompson, CEO of NIRI, says NIRI has no right to tell
non-members what to do and no enforcement powers. He feels
that analysts need only disclose an interest when appearing
on TV or writing.
NIRI could be doing
a lot if it wanted to but it draws a sharp line on
where its duties end. It should be campaigning for reporters
to be on all "analyst" conference calls. It should
be urging companies and brokerages to distribute analyst
reports to reporters in the specific industries so that
reporters can better understand them. There's no legal danger
in doing this as long as all the reports go to the reporters,
rather than selected ones.
A NYSE initiative has led analysts to refuse reporters
calls, referring the reporters to legal or PR depts. for
clearance. The odds of clearance are low.
NIRI, with its $4.5M in cash, should have a glossary of
financial terms on its website and it should answer reporters
questions on financial topics.