More on Cantor Fitzgerald selling....
Cantor Fitzgerald has sold 9,252,000 shares since the beginning of August which is as far back as my data goes. They have not bought one single share in that time!! How is that possible with a buy recommendation on FCU from their esteemed analyst Rob Chang?? This shows me two things. First, that the retail brokers of Cantor pay no attention whatsoever to Robs recommendations because they obviously question how good of an analyst he is. Second, it tells me that it is likely the buy recommendation on FCU is strictly to facilitate the sale of this very large position. An analysts pay is partially measured by the order flow that their research generates for the firm. So no buying at all coming from the buy side of his reports means that the only order flow is the 9,252,000 shares on the sell side, which he may be getting paid for. It goes to show that these analyst opinions arent worth the paper they are written on. Those arent my only concerns. The seller whoever it is, is clearly a large sophisticated investor in a good position to get the best advice on the fundamentals/risk/reward of FCU, and they are choosing to sell. That makes me somewhat uncomfortable. Does anyone have any idea when this position was acquired and how many more they may have to sell? Does anyone have data going back a year or more?