Article: Is Now The Time To Look At Buying Avery Dennison Corporation (NYSE:AVY)?

Article - Media, Publications

Is Now The Time To Look At Buying Avery Dennison Corporation (NYSE:AVY)?

Simply Wall St, 12 February 2021

Let’s talk about the popular Avery Dennison Corporation (NYSE:AVY). The company’s shares received a lot of attention from a substantial price increase on the NYSE over the last few months. As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock. However, what if the stock is still a bargain? Let’s take a look at Avery Dennison’s outlook and value based on the most recent financial data to see if the opportunity still exists.

Is Avery Dennison still cheap?

The stock is currently trading at US$173 on the share market, which means it is overvalued by 40% compared to my intrinsic value of $123.96. This means that the buying opportunity has probably disappeared for now. Furthermore, Avery Dennison’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta. If you believe the share price should eventually reach its true value, a low beta could suggest it is unlikely to rapidly do so anytime soon, and once it’s there, it may be hard to fall back down into an attractive buying range.
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Web: Our Financial Oligarchy; Emperors of a Brave New World

Web

Our Financial Oligarchy; Emperors of a Brave New World

They own the regulators; they own the brokerage houses; they own the clearing houses; they own all of your investments; and it’s even been shown that they can exert complete control over the government.

To understand how these banks exert complete control over our financial system, one must first understand the securities clearance system.

In the United States of America, there is only one central clearinghouse: The Depository Trust and Clearing Corporation, and for almost 50 years they have maintained a virtual monopoly over this essential service.

It is a private corporation that is owned by these mega-banks and brokers.

Read full free book online with many illustrations

PDF (470 Pages): Our Financial Oligarchy Back-Up

Article: Part 10 of Illegal Naked Shorting Series: Legal Shorting of Stocks is a Loser’s Game but Illegal Naked Shorting Transforms It into a Winner’s Game

Article - Media

Part 10 of Illegal Naked Shorting Series: Legal Shorting of Stocks is a Loser’s Game but Illegal Naked Shorting Transforms It into a Winner’s Game

Larry Smith

Smith On Stocks, 24 July 2019

When I launched my research on stock manipulation and the prominent role played by illegal naked shorting, I believed that I had a fair understanding of the subject and could knock out comprehensive research in just a few blogs. However, as I dug in I was taken aback at how complex and widespread this subject is. I think that a team of hundreds of experts with unlimited resources would have difficulty ferreting out all of the details on a scam that Wall Street has been perpetrating and perfecting for over 40 years.

Read full article.

See All Larry Smith Posts @ SNSS

Article: Part 7: Illegal Naked Shorting: DTCC Continuous Net Settlement and Stock Borrowing Programs Have Loopholes That Facilitate Illegal Naked Shorting

Article - Media

Part 7: Illegal Naked Shorting: DTCC Continuous Net Settlement and Stock Borrowing Programs Have Loopholes That Facilitate Illegal Naked Shorting

Larry Smith

Smith On Stocks, 31 May 2019

There is an integral relationship between the DTCC and hedge funds. The DTCC is owned by Prime Brokers; these are Goldman Sachs, Morgan Stanley, Merrell Lynch and other household name investment banks. Prime Brokers provide basic services to hedge funds that allow them to trade with multiple brokerage houses while maintaining a centralized master account at their prime broker containing cash and securities. The prime broker offers stock loan services, portfolio reporting, consolidated cash management and other services. Hedge fund support is a very meaningful percentage of the net income of Prime Brokers.

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See All Larry Smith Posts @ SNSS

Article: Wall Street Allows Giants Like Morgan Stanley Special Trading Hours

Article - Media

Wall Street Allows Giants Like Morgan Stanley Special Trading Hours

C. Edward Kelso

CoinSpice, 11 December 2018

“At the New York Stock Exchange, some traders are more equal than others,” Post reporter Kevin Dugan began. “That’s the bitter takeaway from stock brokers, who say the Big Board, in an unusual move last week, gave special treatment to a broker at Morgan Stanley who asked to trade large blocks of stocks for several minutes after the markets closed.”

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Article: In Pursuit of the Naked Short by Alexis Stokes

Article - Academic

In Pursuit of the Naked Short

Alexis Stokes, Texas State University

Journal of Law and Business 5/1 (Spring 2009)

This article explores the origins of naked short-selling litigation; considers
the failures of significant naked short-selling lawsuits in federal court;
surveys the obstacles erected collectively by constitutional standing requirements, the Federal Rules of Civil Procedure, the Private Securities Litigation Reform Act, brokerage firms, death spiral financiers, and the Depository Trust and Clearing Corporation; examines the efficacy of Regulation SHO, SEC rule 10b-21, and new FINRA rules; discusses recent state legislation and state court litigation; and identifies non-litigation options to curb naked short-selling. Ultimately, this article seeks to answer the question: If manipulative naked short-selling is more than a mythological scapegoat for
small cap failure, what remedies are, or should be, available?

PDF (62 Pages): Article In Pursuit of the Naked Short

Article: Deutsche Bank Unit Hit With Record Short-Sale Fine

Article - Media

Deutsche Bank Unit Hit With Record Short-Sale Fine

Law360, 10 September 2008

According to NYSE Regulation, NYSE Euronext’s enforcement arm, Deutsche Bank Securities made a significant but unquantified number of short sales without borrowing the stocks, entering an agreement to borrow the stocks or even being reasonably sure that the stocks were available to borrow. Deutsche Bank Securities also agreed to be censured.

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Testimony: Robert Shapiro’s Comments on Proposed Naked Short Selling Anti-Fraud Rule, 10b-21

Testimony

File No. S7-08-08: Comments on Proposed Naked Short Selling Anti-Fraud Rule, 10b-21

Dr. Robert J. Shapiro

19 May 2008

I am Dr. Robert J. Shapiro, the chairman of Sonecon, LLC, an economic analysis and advisory firm in Washington, D.C. I am also currently a Senior Fellow of the Georgetown University School of Business, Director of the NDN Project on Globalization and a Fellow of the Progressive Policy Institute. From 1998 to 2001, I was the U.S. Under Secretary of Commerce for Economic Affairs. Prior to that, I was the Vice President and co-founder of the Progressive Policy Institute, Vice President of the Progressive Foundation, and Legislative Director and Economic Counsel for Senator Daniel Patrick Moynihan. I have advised numerous public officials, including President Bill Clinton, Prime Minister Tony Blair, Vice President Al Gore, and Senators Joseph Lieberman, Hillary Clinton, John Kerry and Evan Bayh, as well as many large U.S. and foreign corporations and financial institutions. I hold a Ph.D. and M.A. from Harvard University, as well as a M.Sc. from the London School of Economics and Political Science, and an A.B. from the University of Chicago. I also have been a fellow of Harvard University, the National Bureau of Economic Research, and the Brookings Institution, and I have conducted extensive research and analysis involving U.S. financial markets.

PDF (6 pages): File No. S7-08-08: Comments on Proposed Naked Short Selling Anti-Fraud Rule, 10b-21

Article: The ‘Phantom Shares’ Menace

Article - Media

The ‘Phantom Shares’ Menace

John W. Welborn

Securities & Exchange,  24 April 2008

In 1985, the National Association of Securities Dealers (nasd) commissioned Irving M. Pollack, a securities law expert and former Securities and Exchange commissioner, to conduct a comprehensive review of short selling in nasdaq securities. The nasd sought to determine what, if any, additional short selling regulation was needed for the nasdaq market. The result was the now-famous “Pollack Study,” which described the short selling landscape of the day and made important recommendations regarding the disclosure, reporting, and settlement of short sales.

PDF (10 pages): The ‘Phantom Shares’ Menace

Article: SEC Will Be Investigated in Probe Sought by Senate’s Grassley

Article - Media

SEC Will Be Investigated in Probe Sought by Senate’s Grassley

Otis Bilodeau

Bloomberg via Wayback, 26 October 2006

The U.S. Securities and Exchange Commission, already under scrutiny for its handling of a trading probe that entangled Morgan Stanley Chief Executive Officer John Mack, now faces a broad review by government auditors of its management and methods for policing the financial markets.

The Government Accountability Office agreed last week to investigate the SEC’s enforcement division and compliance department after requests by Senator Charles Grassley, an Iowa Republican who questioned whether the agency gave Mack special treatment. Grassley asked the GAO to examine the SEC’s “planning, oversight, control and other management processes” and gauge whether the agency does enough to oversee regulators at the New York Stock Exchange and NASD.

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Article: Naked Fines

Article - Media

Naked Fines

Liz Moyer

Forbes, 13 September 2006

The U.S. Securities and Exchange Commission has received a deluge of requests to amend short-selling rules it enacted just two years ago as the New York Stock Exchange continues its efforts to enforce existing regulations.

JPMorgan Chase has become the fifth bank to be censured and fined by the NYSE’s regulatory division for violations of trading rules meant to curb abusive short-selling.

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Article: NYSE fines five firms for rule violations

Article - Media

NYSE fines five firms for rule violations

James Langton

Investment Executive, 13 September 2006

NYSE Regulation announced that it has disciplined five firms for a variety of rule violations.

J.P. Morgan Securities Inc. was disciplined for violation of SEC rules on short sales, NYSE order rules and supervisory violations. It consented without admitting or denying guilt to findings of operational deficiencies concerning Regulation SHO, violating NYSE order rules, and books and records and supervisory violations.

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Letter: Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO

Letter

Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO

Susanne Trimbath

STP Advisory Services, LLC, 29 August 2006

I am a Ph.D. economist doing research and consulting in finance and economics. I am formerly Director of Transfer Agent Services for Depository Trust Company in New York, and Operations Manager for Pacific Depository Trust Company and Pacific Securities Clearing Corporation in San Francisco. I also was Senior Advisor for KPMG on the USAID Capital Markets Project to design and implement trade clearing and settlement operations during privatization in Russia. Over the last three years I have been a paid advisor to companies, investors and law firms on the issues addressed by Regulation SHO. My comments will reflect my expertise in economic analysis of law and market efficiency, plus securities processing operations.

PDF (14 pages): Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO