Banks - safe haven?Analysts touting safe haven? Should you listen?
Meryll Lynch downgraded Ciena on the 20th June. After the initial sell-off (where Meryll was likely buying) the stock climbed 4 days straight before easing off today, as did most others. It will eventually tank, in part because Meryll will be dumping the shares they bought cheap on the day they downgraded it. But this time it will really tank hard. Then Meryll will claim accuracy of their initial downgrade.
Incidentally, Micron Technology posted terrible losses on the 21st of June and the stock has climbed for the last few days. It closed on a high note today (26th June). Should you hold analysts opinions in high regard?
If you believe in throwing darts, yes. Even analysts are right sometimes.