In November of 2006, we modified our stock and industry ratings in a one-to-one conversion to new nomenclature and
definitions that support the quality and independence of our research. TWP Equity Research currently follows companies in
seven sectors of the economy: Consumer; Energy; Financial Services; Healthcare; Internet, Media & Telecom; Metals & Mining; and Technology.
Industry Weightings
Favorable
|
When an analyst assigns a Favorable rating to an industry that means he/she believes that, generally, the industry’s fundamentals or stock prospects are improving. |
Neutral
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When an analyst assigns a Neutral rating to an industry that means he/she believes that, generally, the industry’s fundamentals or stock prospects are stable. |
Unfavorable
|
When an analyst assigns an Unfavorable rating to an industry that means he/she believes that, generally, the industry’s fundamentals or stock prospects are deteriorating. |
Overweight (O)
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When an analyst rates a stock Overweight, he/she is advising our clients to carry a
position in the stock that is in excess of its weighting relative to the stocks either in that
analyst’s coverage or an index identified by the analyst that includes, but is not limited
to, stocks covered by that analyst. |
Market Weight (M)
|
When an analyst rates a stock Market Weight, he/she is advising our clients to carry a
position in the stock that is in line with its weighting relative to the stocks either in that
analyst’s coverage or an index identified by the analyst that includes, but is not limited
to, stocks covered by that analyst. |
Underweight (U)
|
When an analyst rates a stock Underweight, he/she is advising our clients to carry
a position in the stock that is below its weighting relative to the stocks either in that
analyst’s coverage or an index identified by the analyst that includes, but is not limited
to, stocks covered by that analyst. |
Suspended Rating (S) |
The stock rating has been suspended. |
Not Rated (NR) |
The stock is not rated, but it is covered by a Thomas Weisel Partners Analyst. |
Not Covered (NC) |
The stock is not covered by a Thomas Weisel Partners Analyst. |
A coverage universe is defined as all of the stocks within the analyst’s industry that reasonably are a part of the
analyst’s potential coverage, not necessarily the stocks specifically covered.
