Stock Research, For a Select Few – WSJ.com

Stock Research, For a Select Few – WSJ.com.

A growing group of Wall Street salespeople and brokers has created a shadow stock-research business that caters to big, fast-money traders but isn’t available to retail investors.

On July 10, for instance, Peter Vogel sent a note to a group of CLSA/Crèdit Agricole Securities clients, alerting them to “chatter” that orders for parts of Apple Inc.’sAAPL -0.48% iPad were down.

Some investors took the note, which was reviewed by The Wall Street Journal, to mean that demand for the iPad was weakening. When Apple slid nearly $10 that day, some investors were told Mr. Vogel’s note was partly behind the move. Mr. Vogel declined to comment as did CLSA, which has agreed to a merger with Citic Securities Co.

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