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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Technology
Monday, May 19, 2008
CORRECTED: Cabot Microelectronics to Present at the JPMorgan 36th Annual Technology Conference
Comtex
AURORA, Ill., May 19, 2008 (BUSINESS WIRE) ----Cabot Microelectronics Corporation (NASDAQ:CCMP), the world's leading supplier of chemical mechanical planarization (CMP) slurries to the semiconductor industry, announced today that it is scheduled to present at the JPMorgan 36th Annual Technology Conference in Boston, Massachusetts, at 11:20 a.m. Eastern Time, Wednesday, May 21, 2008. Forward looking and other material information may be discussed during the presentation. The presentation will be available to all interested parties via webcast from its site at www.cabotcmp.com.
About Cabot Microelectronics
Cabot Microelectronics Corporation (NASDAQ:CCMP), headquartered in Aurora, Illinois, is the world's leading supplier of CMP slurries used in semiconductor and data storage manufacturing. The company's products play a critical role in the production of the most advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers. Since becoming an independent public company in 2000, the company has grown to approximately 800 employees on a global basis. The company's vision is to become the world leader in shaping, enabling and enhancing the performance of surfaces, so the company is leveraging its expertise in CMP slurry formulation, materials and polishing techniques developed for the semiconductor industry and applying it to demanding surface modification applications in other industries where shaping, enabling and enhancing the performance of surfaces is critical to success. For more information about Cabot Microelectronics Corporation, visit www.cabotcmp.com or contact Amy Ford, Director of Investor Relations at (630) 499-2600.
SOURCE: Cabot Microelectronics Corporation
Cabot Microelectronics Corporation Amy Ford, Director of Investor Relations, 630-499-2600
Copyright Business Wire 2008
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