FOR IMMEDIATE RELEASE                             2001-66

                              
    SEC Cautions Investors About Analyst Recommendations

         Investor alert provides tips for assessing
             analyst recommendations and decodes
                  commonly used disclosures

     Washington, DC, June 28, 2001 -- The Securities and
Exchange Commission has issued an investor alert urging
investors not to rely solely on analyst recommendations when
deciding to buy, hold, or sell stock.  Instead, investors
should consult multiple sources of information while
considering their own investment goals and tolerance for
risk.

     Explaining the relationships between securities
analysts and the investment banking and brokerage firms that
employ them, the alert educates investors about potential
conflicts of interest analysts may face.  In particular, the
alert notes, some analysts work for firms that underwrite-or
even own-the securities of the companies the analysts cover.
And in other cases, analysts themselves might own stocks in
the companies they cover-either directly or indirectly
through employee stock-purchase pools in which they and
their colleagues participate.

     Acting Chairman Laura S. Unger said, "Financial
analysts have been the focus of intense public scrutiny in
recent months, and I am hopeful the industry will eliminate
the conflicts of interest that threaten the fairness and
objectivity of analyst recommendations.  Our first priority,
however, is making sure individual investors are aware of
the practices that have called analyst credibility into
question.  This investor alert should be required reading
for anyone considering an investment decision based on an
analyst recommendation."

      While analyst research reports can offer valuable
insights about companies and industry trends, the investor
alert urges investors to also study a company's financial
filings and read objective sources of information before
making investment decisions.  The alert also provides tips
to help investors find out whether an analyst or the
analyst's firm has a financial interest in a company's
securities.
     
     The investor alert is available on the SEC website at
www.sec.gov/investor/pubs/analysts.htm.  Copies are also
available by calling toll-free 1-800-732-0330.
     
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