ShareIntel DRIL-Down Analysis. Shareholder & Broker-Dealer Movement

Transcription

1 ShareIntel DRIL-Down Analysis of Shareholder & Broker-Dealer Movement For Company XYZ NASDAQ Ticker: XYZ May 2006 to October 2007 BY - 1 -

2 Table of Contents I. Who are the broker-dealers acquiring the greatest number of shares in XYZ Company over the past 12 months (10/02/ /02/2007)? (See Table BD-01 Acquiring Shares in XYZ Company). See also Section Broker-Dealer Position Change Over Time. II. Who are the broker-dealers divesting the greatest number of shares in XYZ Company over the past 12 months (10/02/ /02/2007)? (See Table BD-02 Divesting Shares in XYZ Company). See also Section Broker-Dealer Position Change Over Time. III. Which broker-dealers currently hold the largest share positions in XYZ Company? (See, Table BD-03 Position on 10/02/2007). See also Section Broker- Dealer Position Change Over Time. IV. Who are the shareholders divesting the greatest number of shares in XYZ Company during the past 15 months (06/30/ /30/2007)? (See, Table SH-01 Shareholders Divesting). See also Section Shareholder Position Change Over Time. V. Who are the shareholders divesting the greatest number of shares in (XYZ Company) during the period 06/30/2006 to 09/30/2007? (See, Table SH-001 SH Largest Divestitures). See also Section Shareholder Position Change Over Time. VI. Who are the broker-dealers divesting the greatest number of shares in XYZ Company on high volume days. (See, Table BD-04 High Volume Day 11/06/2006 & Table BD-05 High Volume Day 02/06/2007 ). See also Section Broker-Dealer Share Price/Volume Movement. VII. Which broker-dealers never held positions in the shares of XYZ Company? (See, Table BD-06 No Position Ever). See, also Section Non-Participant No History. VIII. Who are the most active broker-dealers (volume traders) in XYZ Company s shares for the period 01/16/2007 to 10/26/2007? (See Bar Graph BD-07 Cumulative Volume). See also Section Broker-Dealer Cumulative Volume Over Time. IX. What significant geographic share distribution changes occurred in Company XYZ s shares for the period 06/30/2006 to 09/30/2007? (See, Pie Chart SH-02 State & Foreign Geography 06/30/2006& Pie Graph SH-03 States & Foreign Geography 09/30/2007). See also Section Shareholders Geographic Distribution. X. What changes in account share types were made in the past 15 months (06/30/ /30/2007)? (See Pie Chart SH-04 Account Type 06/30/2006 & Pie Chart SH-05 Account Type 09/30/2007). See also Section Account Type Comparison Over Time. XI. What is the breakdown of shareholder ownership by number of shares owned in XYZ Company within a given share range as of 09/30/2007 (Bar Graph SH-06 Share Range Distribution). See also Section Shareholder Share Range Distribution

3 XII. Are there more shares in XYZ Company being reported, recorded or traded amongst broker-dealers than physically exist? How severe is this imbalance? (See, Table RE-01 Share Imbalance; Table RE-02 Share Imbalance Detail; Bar Graph RE-03 Imbalance Between Reporting Entities; Bar Graph RE-04 Disparities Between DTC and Broke-Dealers ). See also Sections Reporting Entities Imbalance Summary, Imbalance Details & Broker-Dealer Imbalances)

4 Broker-Dealers Acquiring Share in XYZ Company Time Period 1 Year* Difference Participating Broker-Dealers Smallest Positions 10/02/ /02/2007 Positions on 10/2/2007 Between Smallest Positions & Positions on 10/02/2007 Citibank, N.A. 25,596 1,890,979 1,865,383 Bank of New York (The) 2,879,375 3,690, ,472 State Street Bank and Trust Company 72, , ,376 Wells Fargo Bank, National Association 0 365, ,173 Banc of America Securities, L.L.C , ,668 PNC Bank, N.A. 1, , ,128 UBS Securities L.L.C. 56, , ,020 Mellon Trust of New England, National Association 6, , ,897 Ameritrade, Inc. 213, , ,431 Morgan Stanley & Co. Incorporated 15, , ,067 JPMorgan Chase Bank, National Association 62, , ,323 Citigroup Global Markets, Inc. 157, , ,765 * NOTE: This table identifies the broker-dealers that added the greatest number of share in XYZ Company to their positions for the time period 10/02/ /02/2007. (Table BD-01 Acquiring Shares in XYZ Company) ShareIntel DRIL-Down Analytics all rights reserved 2007 Broker-Dealers Divesting Shares in XYZ Company Time Period 1 Year* Difference Participating Broker-Dealers Largest Positions 10/02/ /02/2007 Positions on 10/2/2007 Between Largest Positions & Positions on 10/02/2007 Brown Brothers Harriman & Co. 1,958, ,594-1,145,191 DKWS/EQTY 374, ,700 National Investor Services Corp. 263, ,609 Morgan (J.P.) Securities Inc. 227, ,213 Citicorp Securites Services, Inc. 217, ,595 OptionsXpress, Inc. 594, , ,556 Southwest Securities, Inc.-Stock Loan 151, ,100 * NOTE: This table identifies the broker-dealers that reduced/eliminated the greatest number of share in XYZ Company from their positions for the time period 10/02/ /02/2007. (Table BD-02 Divesting Shares in XYZ Company) ShareIntel DRIL-Down Analytics all rights reserved

5 Broker-Dealer s Share Positions in XYZ Company On 10/02/2007* Smallest Positions 10/02/ /02/2007 Largest Positions 10/02/ /02/2007 Positions on 10/2/2007 Participating Broker-Dealers Bank of New York (The) 2,879,375 3,949,669 3,690,847 Citibank, N.A. 25,596 1,890,979 1,890,979 National Financial Services Corporation 801,707 1,170, ,919 Brown Brothers Harriman & Co. 813,594 1,958, ,594 State Street Bank and Trust Company 72, , ,124 Pershing, L.L.C. 462, , ,657 Ameritrade, Inc. 213, , ,024 OptionsXpress, Inc. 397, , ,758 Schwab (Charles) & Co., Inc. 331, , ,431 Wells Fargo Bank, National Association 0 366, ,173 Banc of America Securities, L.L.C , ,767 Citigroup Global Markets, Inc. 157, , ,229 UBS Securities L.L.C. 56, , ,936 PNC Bank, N.A. 1, , ,074 E*Trade Clearing, L.L.C. 229, , ,920 JPMorgan Chase Bank, National Association 62, , ,760 * Note: This table identifies the broker-dealers holding the largest share positions in XYZ Company on 10/02/2007. The data in this table is updated weekly at the close of business every Friday. (Table BD-03 Position on 10/02/2007) ShareIntel DRIL-Down Analytics all rights reserved

6 Shareholders Divesting Shares in Company XYZ Period 06/30/ /30/2007* Position on 09/30/2007 Share Divestment During Period Largest Position Shareholder Name During Period High Plains Investments Llc High Plains Investments Llc 5,592, ,592,127 Overstock Com Inc Overstock Com Inc 1,656, ,656,938 Patrick M Byrne Patrick M Byrne 1,093, ,093,415 Robert E Snyder Tr Ua 05/18/04 Jack Byrne 2004 Grat 2 Robert E Snyder 456, ,364 Bulk Offset To Msssi - Pds S/L Breakdown 438, ,971 Haverford Utah Llc Haverford Utah Llc 415, ,468 Haverford Utah Llc C/O Robert Snyder 415,468 50, ,107 John J Byrne John J Byrne 353, ,740 Royal Bank Of Canada Rbct_Sst3_Equity 310, ,000 * Securities Borrowed Conduit 301, ,400 Dbag Maps Cma Omni 271, ,682 Td Global Finance-Cdn Equities Attn Margaret Branch 287,422 21, ,070 The Iviron Fund Limited 0247 C/O Cambos Investment 243, ,706 Daniel L Mosley & Robert E Snyder 237, ,181 Arlington Value Management Llc th Ave 221, ,683 Axa World Funds Talents Attn Ellen Ling Axa Invest Managers 207, ,369 Cedar Tree Limited Cedar Tree Limited 206, ,621 Msco Statistical Opportunity Fund Iss/2834/Highbridge Capital 196, ,035 X-Entity 0201 C Equity 308, , ,852 Two Sigma Equity Portfolio Llc Attn:Proxy Dept 166, ,932 Temujin Holdings Ltd Iss/3715/Thales Fund Management 162, ,770 Stg - Conversion Finance Daiwa Securities America Inc. 158, ,000 James R Byrne & Rebecca C Byrne Ten Com 157, ,476 James R Byrne & Rebecca C Byrne Ten Com James R Byrne & 157, ,476 Jason Lindsey Jason Lindsey 150, ,000 * NOTE: This table identifies the NOBO shareholders that reduced/eliminated the greatest number of share in XYZ Company from their positions for the time period 06/30/ /30/2007. The data in this table can be updated bi-weekly, monthly or quarterly. XYZ Company has ShareIntel update the data monthly. (Table SH-01 Shareholders Divesting) ShareIntel DRIL-Down Analytics all rights reserved 2007 Follow-Up Action Steps Why are these shareholders selling? What events or conditions led to these divestments? What steps are you taking, if any, to communicate with some of these former shareholders? - 6 -

7 Broker-Dealers Divesting Shares in XYZ Company on High Volume Days* November 6th 2006 Large Volume Day in (XYZ Company) 2,430,418 Shares Changed Hands Change in # of Shares Held For Participating Broker-Dealer Position on 11/8/2006 Position on 11/9/2006 Period 11/8/ /9/2006 State Street Bank and Trust Company 383, , ,400 Goldman, Sachs & Co. 109,605 53,655-55,950 Citadel Trading Group, L.L.C. 95,309 45,309-50,000 Banc of America Securities, L.L.C. 70,640 39,940-30,700 Morgan (J.P.) Securities Inc. 37,324 8,008-29,316 E*Trade Clearing, L.L.C. 277, ,969-26,362 National Investor Services Corp. 239, ,542-23,767 U.S.A.A. Investment Management Co. 32,550 10,694-21,856 * NOTE: 148 Broker-Dealers held positions on this date. 48 Broker-Dealers changed their positions while 100 had No Position change. Of the 48 broker dealers with positions changes the largest divestiture was 179,400 shares by State Street Bank and Trust. The largest acquisition was 117,816 shares by SG Americas Securities, L.L.C. (Table BD-04 High Volume Day 11/06/2006) ShareIntel DRIL-Down Analytics all rights reserved 2007 February 6 th 2007 Large Volume Day in (XYZ Company) 1,772,793 Shares Changed Hands Change in # of Shares Held For Participating Broker-Dealer Position on 02/8/2007 Position on 02/09/2007 Period 02/08/ /09/2007 Citigroup Global Markets, Inc. 496, , ,108 Goldman, Sachs International Ltd. 278, ,837-59,538 National Financial Services Corporation 974, ,639-50,646 Brown Brothers Harriman & Co. 1,675,651 1,625,427-50,224 Bank of New York (The) 3,882,056 3,842,856-39,200 Ameritrade, Inc. 288, ,155-37,561 JPMorgan Chase Bank/IA 41,284 22,760-18,524 * NOTE: 145 Broker-Dealers held positions on this date in XYZ Company. 82 of these broker-dealers made no position changes while 31 acquired shares and 32 divested shares. The largest divestiture was made by Citigroup Global Markets, Inc. selling 200,108 shares. The largest acquisition was made by Banc of America Securities, L.L.C. buying 128,900 shares. (Table BD-05 on High Volume Day 02/06/2007) ShareIntel DRIL-Down Analytics all rights reserved 2007 *Please note: It takes 3 business days for a trade to officially settle T +3. Trades that occurred on 11/6/2006 settled on 11/9/2006 and trades that occurred on 02/6/2007 settled on 02/9/

8 Broker-Dealers Without a History of Positions in XYZ Company s Shares* Clearing Number Non-Participating Broker-Dealers Status 4 Instinet, LLC/IB Account No Position 17 Interactive Brokers L.L.C. No Position 20 Banc of America Specialist, Inc. No Position 25 Wells Fargo Brokerage Services, L.L.C. No Position 30 First Clearing, L.L.C./Wachovia Securities No Position 31 Natexis Bleichroeder, Inc. No Position 32 Deutsche Bank Securities Inc. Stock Loan No Position 33 Dresdner Kleinwort/Fixed Inc. Repo & Comm. Paper No Position 37 OGSI Execution Services Division of Oscar Gruss No Position 40 M & T Securities, Inc. No Position 41 Murphy & Durieu No Position 45 BMO Capital Markets Corp. No Position 48 GSECLP/Equities Execution No Position 51 Wolfe & Hurst Bond Brokers, Inc. No Position 55 Van der Moolen Specialists, USA L.L.C. No Position 58 Morgan Stanley & Co. Inc. /Prime Dealer Services Corp. No Position 61 FMSBonds, Inc. No Position 65 Zions Direct, Inc. No Position 68 American Stock Transfer & Trust Company No Position 71 RBC Capital Markets Corporation/Retail No Position 78 Alger (Fred) & Company Incorporated No Position 89 Royal Alliance Associates, Inc. No Position 92 O.N. Equity Sales Company (The) No Position 96 Scotia Capital (USA) Inc. No Position * NOTE: There are approximately 1,842 participating broker-dealers registered with The Depository Trust & Clearing Corporation (DTCC). XYZ Company s stock trades among 157 of these participating brokerdealers leaving approximately 1,685 participating firms without a history of any positions in XYX Company. The above table shows only a fraction of these firms. (Table BD-06 No Position Ever) ShareIntel DRIL-Down Analytics all rights reserved 2007 Comment Section - 8 -

9 Most Active Broker-Dealers Trading Shares in (XYZ Company) Cumulative Volume for Period 01/16/2007 to 10/26/ ,000,000 14,043,010 13,601,088 13,117,059 13,051,532 11,614,381 11,296,334 10,634,262 32,517,198 30,000,000 25,000,000 20,000,000 15,000,000 Shares Traded 10,000,000 5,000,000 0 Bank of New York (The) Citigroup Global Markets, Inc. Citibank, N.A. Brown Brothers Harriman & Co. Goldman, Sachs & Co. State Street Bank and Trust Company National Financial Services Banc of America Securities, L.L.C. Broker-Dealers (Bar Graph BD-07 Cumulative Volume) ShareIntel DRIL-Down Analytics all rights reserved

10 U.S. States & Foreign Countries Possessing More Than 300,000 Shares in (XYZ Company) on 06/30/2006 FL, 351,003 Shares 298 Shareholers MD, 368,319 Shares 173 Shareholders UT, 9,251,610 Shares 362 Shareholders TX, 396,131 Shares 542 Shareholders CA, 614,299 Shares 1,120 Shareholders Foreign/Other, 1,100,394 Shares 398 Shareholders UT NY NH Foreign/Other CA TX MD FL NH, 1,298,163 Shares 47 Shareholders NY, 1,333,324 Shares 530 Shareholders (Pie Chart SH-02 State & Foreign Geography 06/30/2006) ShareIntel DRIL-Down Analytics all rights reserved 2007 U.S. States & Foreign Countries Possessing More Than 300,000 Shares in (XYZ Company) on 09/30/2007 CA, 499,777 Shares 772 Shareholders Foreign/Other NY CA NY, 1,063,647 Shares 363 Shareholders Foreign/Other, 11,057,426 Shares 511 Shareholdes (Pie Chart SH-03 State & Foreign Geography 09/30/2007) ShareIntel DRIL-Down Analytics all rights reserved

11 # of Shares By Account Type on 06/30/2006 JTWROS 141,148 1% JT TEN 471,528 3% TRUST 530,807 3% UNIF 5,898 0% IND IRA TRUST JT TEN JTWROS UNIF IRA 617,943 4% IND 15,366,408 89% (Pie Chart SH-04 Account Type 06/30/2006) ShareIntel DRIL-Down Analytics all rights reserved 2007 # of Shares by Account Type on JTWROS 100,679 1% JT TEN 449,475 3% UNIF 8,584 0% IND IRA TRUST JT TEN JTWROS UNIF TRUST 375,410 2% IRA 618,429 4% IND 13,471,852 90% (Pie Chart SH-05 Account Type 09/30/2007) ShareIntel DRIL-Down Analytics all rights reserved

12 Number of Shareholders Owning Shares Within A Given Share Range Share Range 500,000 & Up 250, , , ,999 50,000-99,999 30,000-49,999 20,000-29,999 10,000-19,999 5,000-9,999 2,000-4,999 1,000-1, ,000 & Up 250, , , ,999 50,000-99,999 30,000-49,999 20,000-29,999 10,000-19,999 5,000-9,999 2,000-4,999 1,000-1, Under ,364 Under 100 2, Shareholders (Bar Graph SH-06 Share Range Distribution) ShareIntel DRIL-Down Analytics all rights reserved

13 Reporting Entities Positions in XYZ Company From 06/30/2006 to 09/30/2007 Report Date Transfer Agent Broker-Dealers Depository Imbalance Difference 6/30/ ,918,611 16,594,576 10,918,811 5,675,765 7/31/ ,855,439 16,427,405 10,855,239 5,572,166 8/31/ ,894,193 16,624,125 10,894,193 5,729,932 9/29/ ,906,648 16,223,501 10,886,648 5,336,853 10/31/ ,800,481 15,011,345 10,800,481 4,210,864 11/30/ ,977,169 16,159,267 10,977,170 5,182,097 12/29/ ,984,800 16,687,905 13,323,541 3,364,364 1/31/ ,974,049 16,027,933 13,490,769 2,537,164 2/28/ ,984,800 16,683,254 13,725,939 2,957,315 3/30/ ,133,211 15,977,462 14,133,211 1,844,251 4/30/ ,171,804 17,002,962 14,238,472 2,764,490 5/31/ ,172,652 17,356,243 14,216,571 3,139,672 7/31/ ,172,652 17,355,503 14,331,556 3,023,947 8/31/ ,476,488 16,266,128 14,476,488 1,789,640 9/30/ ,172,652 15,542,193 14,630, ,770 (Table RE-01 Share Imbalance) ShareIntel DRIL-Down Analytics all rights reserved 2007 Broker-Dealers Imbalance in XYZ Company for Most Recent Period 09/30/2007 Clearing No. DTC Participant Imbalance on 09/30/ Merrill Lynch, Pierce, Fenner & Smith Inc. -883, Morgan Stanley & Co. Incorporated -717,805 5 Goldman, Sachs & Co. -565, National Financial Services Corporation -202, Bear, Stearns Securities Corp. -173, JPMorgan Chase/JP Morgan International -158, Pershing, L.L.C. -110, Goldman, Sachs & Co./Goldman Sachs International Funds -96, Research Capital Corporation/CDS -72, Citigroup Global Markets, Inc. -66,431 (Table RE-02 Share Imbalance Detail) ShareIntel DRIL-Down Analytics all rights reserved

14 20,000,000 Imbalances Between Reporting Entities The Difference Broker-Dealers and The Depository Transfer Agent Reported Positions The Depository Reported Positions The Broker-Dealers Reported Positions Trendline Imbalance Differences 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 5,675,765 5,572,166 5,729,932 5,336,853 4,210,864 5,182,097 3,364,364 2,537,164 2,957,315 1,844,251 2,764,490 3,139,672 3,023,947 1,789, , /30/2006 7/31/2006 8/31/2006 9/29/ /31/ /30/ /29/2006 1/31/2007 2/28/2007 3/30/2007 4/30/2007 5/31/2007 7/31/2007 8/31/2007 9/30/2007 Reported Dates (Bar Graph RE-03 Imbalance Between Reporting Entities) ShareIntel DRIL-Down Analytics all rights reserved

15 Reporting Disparities Between DTC and Broker-Dealers 20,000,000 Excess Shares As Reported By Broker-Dealers The Depository Reported Position 18,000,000 10,918,811 10,855,239 10,894,193 10,886,648 10,800,481 10,977,170 13,323,541 13,490,769 13,725,939 14,133,211 14,238,472 14,216,571 14,331,556 14,476,488 14,630,423 5,675,765 5,572,166 5,729,932 5,336,853 4,210,864 5,182,097 3,364,364 2,537,164 2,957,315 1,844,251 2,764,490 3,139,672 3,023,947 1,789, ,770 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000, /30/2006 7/31/2006 8/31/2006 9/29/ /31/ /30/ /29/2006 1/31/2007 2/28/2007 3/30/2007 4/30/2007 5/31/2007 7/31/2007 8/31/2007 9/30/2007 Shares Report Date (Bar Graph RE-04 Disparities Between DTC and Broke-Dealers) ShareIntel DRIL-Down Analytics all rights reserved