December 11, 2006
I would like to make the following comments regarding NASDAQs proposal on additional services.
I have worked with NASDAQ companies since 1991, both as in-house investor relations and as a consultant.
Using NASDAQ Online has been a tremendous asset over the years especially when budgets are limited.
Tools contained in NASDAQ Online have been very beneficial – specifically stock ownership information and the ability to target potential new investors.
I keep NASDAQ Online running all day. I check stock trading changes regularly while the market is open. I have a snapshot of companies in my industry and track news on competitors. I gather reports from NASDAQ Online when the market is closed and provide this valuable information to management and the board.
I have built relationships over the years with NASDAQ representatives and I rely on them to help provide additional insight for my NASDAQ clients. Relationships are the key to any investor relations professional.
I have also built relationships over the years with all the national wire services. News coming from the investor relations function at a company is usually material in nature. I rely on the staff and editors at each wire service as part of my team. Therefore, I would not take advantage of the news distribution feature offered by NASDAQ for my quarterly earnings releases. This also applies to changing any wire service - simply put, change causes stress and no one wants more stress, especially at earnings time.
In summary, it is really the technology and the relationships that NASDAQ provides its companies that are unique. I think it is important that NASDAQ offer its clients the ability to use these new services – or stay with their existing providers. Change takes time and I may find the transition to new services easier than expected. I like the option of choice.