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What’s in an Equity Research Report?

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Even though you can easily find real equity research reports via the magical tool known as “Google,” we’ve continued to get questions on this topic.

Whenever I see the same question over and over again, you know what I do: I bash my head in repeatedly and contemplate jumping off a building…

…and then I write an article to answer the question.

To understand an equity research report, you must understand what goes into a  stock pitch first.

The idea is similar, but an ER report is a “watered-down” version of a stock pitch.

But banks have some very solid reasons for publishing equity research reports:

Why Do Equity Research Reports Matter?

You might remember from previous articles that equity research teams do not spend that much time writing these reports .

Most of their time is spent speaking with management teams and institutional investors and sharing their views on sectors and companies.

However, equity research reports are still important because:

• You do still spend some time doing the required modeling work (~15%) and writing the reports (~20%).
• You might have to write a research report as part of the interview process.

For example, if you apply to an equity research role or an equity research internship , especially in an off-cycle process, you might be asked to draft a short report on a company.

And then in roles outside of ER, you need to know how to interpret reports quickly and extract the key information.

Equity Research Reports: Myth vs. Reality

If you want to understand equity research reports, you have to understand first why banks publish them: to earn higher commissions from trading activity.

A bank wants to encourage institutional investors to buy more shares of the companies it covers.

Doing so generates more trading volume and higher commissions for the bank.

This is why you rarely, if ever, see “Sell” ratings, and why “Hold” ratings are far less common than “Buy” ratings.

Different Types of Equity Research Reports

One last point before getting into the tutorial: There are many different types of research reports.

“Initiating Coverage” reports tend to be long – 50-100 pages or more – and have tons of industry research and data.

“Sector Reports” on entire industries are also very long. And there are other types, which you can read about here .

In this tutorial, we’re focusing on the “Company Update” or “Company Note”-type reports, which are the most common ones.

The Full Tutorial, Video, and Sample Equity Research Reports

For our full walk-through of equity research reports, please see the video below:

Table of Contents:

• 1:43: Part 1: Stock Pitches vs. Equity Research Reports
• 6:00: Part 2: The 4 Main Differences in Research Reports
• 12:46: Part 3: Sample Reports and the Typical Sections
• 20:53: Recap and Summary

You can get the reports and documents referenced in the video here:

• Equity Research Report – Jazz Pharmaceuticals [JAZZ] – OUTPERFORM [BUY] Recommendation [PDF]
• Equity Research Report – Shawbrook [SHAW] – NEUTRAL [HOLD] Recommendation [PDF]
• Equity Research Reports vs. Stock Pitches – Slides [PDF]

If you want the text version instead, keep reading:

Watered-Down Stock Pitches

You should think of equity research reports as “watered-down stock pitches.”

If you’ve forgotten, a hedge fund or asset management stock pitch ( sample stock pitch here ) has the following components:

• Part 1: Recommendation
• Part 2: Company Background
• Part 3: Investment Thesis
• Part 4: Catalysts
• Part 5: Valuation
• Part 6: Investment Risks and How to Mitigate Them
• Part 7: The Worst-Case Scenario and How to Avoid It

In a stock pitch, you’ll spend most of your time and energy on the Catalysts, Valuation, and Investment Risks because you want to express a VERY different view of the company .

For example, the company’s stock price is $100, but you believe it’s worth only $50 because it’s about to report earnings 80% lower than expectations.

Therefore, you recommend shorting the stock. You also recommend purchasing call options at an exercise price of $125 to limit your losses to 25% if the stock moves in the opposite direction.

In an equity research report, you’ll still express a view of the company that’s different from the consensus, but your view won’t be dramatically different.

You’ll spend more time on the Company Background and Valuation sections, and far less time and space on the Catalysts and Risk Factors. And you won’t even write a Worst-Case Scenario section.

If a company seems overvalued by 50%, a research analyst would probably write a “Hold” recommendation, say that there’s “uncertainty around several customers,” and claim that the company’s current market value is appropriate.

Oh, and by the way, one risk factor is that the company might report lower-than-expected earnings.

The Four Main Differences in Equity Research Reports

The main differences are as follows:

1) There’s More Emphasis on Recent Results and Announcements

For example, how does a recent product announcement, clinical trial result, or earnings report impact the company?

You’ll almost always see recent news and updates on the first page of a research report:

These factors may play a role in hedge fund stock pitches as well, but more so in short recommendations since timing is more important there.

2) Far-Outside-the-Mainstream Views Are Less Common

One comical example of this trend is how all 15 equity research analysts covering Enron rated it a “buy” right before it collapsed :

Sell-side analysts are far less likely to point out that the emperor has no clothes than buy-side analysts.

3) Research Reports Give “Target Prices” Rather Than Target Price Ranges

For example, the company is trading at $50.00 right now, but we expect its price to increase to exactly $75.00 in the next twelve months.

This idea is completely ridiculous because valuation is always about the range of possible outcomes, not a specific outcome.

Despite horrendously low accuracy , this practice continues.

To be fair, many analysts do give target prices in different cases, which is an improvement:

4) The Investment Thesis, Catalysts, and Risk Factors Are “Looser”

These sections tend to be “afterthoughts” in most reports.

For example, the bank might give a few reasons why it expects the company’s share price to rise: the company will capture more market share than expected, it will be able to increase its product prices more rapidly than expected, and a competitor is about to go bankrupt.

However, the sell-side analyst will not tie these factors to specific share-price impacts as a buy-side analyst would.

Similarly, the report might mention catalysts and investment risks, but there won’t be a link to a specific valuation impact from each factor.

So the typical stock pitch logic (“We think there’s a 50% chance of gaining 80% and a 50% chance of losing 20%”) won’t be spelled out explicitly:

Your Sample Equity Research Reports

To illustrate these concepts, I’m sharing two equity research reports from our financial modeling courses :

The first one is from the valuation case study in our Advanced Financial Modeling course , and the second one is from the main case study in our Bank Modeling course .

These are comprehensive examples, backed by industry data and outside research, but if you want a shorter/simpler example you can recreate in a few hours, the Core Financial Modeling course has just that.

In each case, we started by creating traditional HF/AM stock pitches and valuations and then made our views weaker in the research reports.

The Typical Sections of an Equity Research Report

So let’s briefly go through the main sections of these reports, using the two examples above:

Page 1: Update, Rating, Price Target, and Recent Results

The first page of an “Update” report states the bank’s recommendation (Buy, Hold, or Sell, sometimes with slightly different terminology), and gives recent updates on the company.

For example, in both these reports we reference recent earnings results from the companies and expectations for the next fiscal year:

We also give a “target price,” explain where it comes from, and give our estimates for the company’s key financial metrics.

We mention catalysts in both reports, but we don’t link anything to a specific valuation impact.

One problem with providing a specific “target price” is that it must be based on specific multiples and specific assumptions in a DCF or DDM.

So with Jazz, we explain that the $170.00 target is based on 20.7x and 15.3x EV/EBITDA multiples for the comps, and a discount rate of 8.07% and Terminal FCF growth rate of 0.3% in the DCF.

Next: Operations and Financial Summary

Next, you’ll see a section with lots of graphs and charts detailing the company’s financial performance, market share, and important metrics and ratios.

For a pharmaceutical company like Jazz, you might see revenue by product, pricing and # of patients per product per year, and EBITDA margins.

For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios:

This section of the report explains how the analyst or equity research associate forecast the company’s performance and came up with the numbers used in the valuation.

The valuation section is the one that’s most similar in a research report and a stock pitch.

In both fields, you explain how you arrived at the company’s implied value, which usually involves pasting in a DCF or DDM analysis and comparable companies and transactions.

The methodologies are the same, but the assumptions might differ substantially.

In research, you’re also more likely to point to specific multiples, such as the 75 th percentile EV/EBITDA multiple, and explain why they are the most meaningful ones.

For example, you might argue that since the company’s growth rates and margins exceed the medians of the set, it deserves to be valued at the 75 th percentile multiples rather than the median multiples:

Investment Thesis, Catalysts, and Risks

This section is short, and it is more of an afterthought than anything else.

We do give reasons for why these companies might be mis-priced, but the reasoning isn’t that detailed.

For example, in the Shawbrook report we state that the U.K. mortgage market might slow down and that regulatory changes might reduce the market size and the company’s market share:

Those are legitimate catalysts, but the report doesn’t explain their share-price impact in the same way that a stock pitch would.

Finally, banks present Investment Risks mostly so they can say, “Well, we warned you there were risks and that our recommendation might be wrong.”

By contrast, buy-side analysts present Investment Risks so they can say, “There is a legitimate chance we could lose 50% – let’s hedge against that risk with options or other investments so that our fund does not collapse .”

How These Reports Both Differ from the Corresponding Stock Pitches

The Jazz equity research report corresponds to a “Long” pitch that’s much stronger:

• We estimate its intrinsic value as $180 – $220 / share , up from $170 in the report.
• We estimate the per-share impact of each catalyst: price increases add 15% to the share price, more patients from marketing efforts add 10%, and later-than-expected generics competition adds 15%.
• We also estimate the per-share impact from the risk factors and conclude that in the worst case , the company’s share price might decline from $130 to $75-$80. But in all likelihood, even if we’re wrong, the company is simply valued appropriately at $130.
• And then we explain how to hedge against these risks with put options.

The same differences apply to the Shawbrook research report vs. the stock pitch, but the stock pitch there is a “Short” recommendation where we claim that the company is overvalued by 30-50%.

And that sums up the differences perfectly: A Short recommendation with 30-50% downside in a stock pitch turns into a “Hold” recommendation with roughly equal upside and downside in a sell-side research report.

I’ve been harsh on equity research here, but I don’t want to disparage it too much.

There are many positives: You do get more creativity than in IB, it might be better for hedge fund or asset management exits, and it’s more fun to follow companies than to grind through grunt work on deals.

But no matter how you slice it, most equity research reports are watered-down stock pitches.

So, make sure you understand the “strong stuff” first before you downgrade – even if your long-term goal is equity research.

You might be interested in:

• The Equity Research Analyst Career Path: The Best Escape from a Ph.D. Program, or a Pathway into the Abyss?
• Private Equity Regulation : 2023 Changes and Impact on Finance Careers
• Stock Pitch Guide: How to Pitch a Stock in Interviews and Win Offers

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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Read below or Add a comment

15 thoughts on “ What’s in an Equity Research Report? ”

Hi Brian, what softwares are available to publish Research Reports?

We use Word templates. Some large banks have specialized/custom programs, but not sure how common they are.

Is it possible if you can send me a template in word of an equity report? It will help the graduate stock management fund a lot at Umass Boston.

We only have PDF versions for these, but Word should be able to open any PDF reasonably well.

Do you also provide a pre constructed version of an ER in word?

We have editable examples of equity research reports in Word, but we generally only share PDF versions on this site.

Hey Brian Can you please help me with coverage initiated reports on oil companies. I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field. I searched but reports could not be found even for a price. Thanks

We have an example of an oil & gas stock pitch on this site… do a search…

https://mergersandinquisitions.com/oil-gas-stock-pitch/

Beyond that, sorry, we cannot look for reports and then share them with you or we’d be inundated with requests to do that every day.

No worries. Thanks!

Hi! Brian! Do u know how investment bankers design and layout an equity research? the software they use. like MS Word, Adobe Indesign or something…? And how to create and layout one? Thanks

where can I get free equity research report? I am a Chinese student and now study in Australia. Is the Morning Star a good resource for research report?

Get a TD Ameritrade to access free reports there for certain companies.

How do you view the ER industry since the trading commission has been down 50% since 2007. And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?

In addition the whole S&T environment is becoming highly automated.

People have been predicting the death of equity research for over a decade, but it’s still here. It may not be around in 100 years, but it will still be around in another 10 years, though it will be smaller and less relevant.

Yes, things are becoming more automated, but the actual job of an equity research analyst or associate hasn’t changed dramatically. A machine can’t speak with investors to assess their sentiment on a company – only humans can do that.

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What is an Equity Research Report?

One of the most powerful tools at investors’ disposal is equity research reports. Wall Street firms employ some of the sharpest minds in the industry who study companies with publicly traded stocks. These analysts delve into every aspect of the company, from its financial statements to its management team and competitors. Equity research reports provide solid analysis and the opinions of the analysts who follow the companies and their stocks extremely closely.

What Is an Equity Research Report?

An equity research report is a detailed report written by an analyst at a sell-side firm or independent investment research firm that analyzes the company’s business and finances and gives the analyst’s opinion of the company’s prospects and future stock price.

Analysts are experts in the companies’ businesses, finance, and industries they follow. They research a company’s financials, performance, and competitive landscapes. They also create models to predict metrics like future earnings per share, sales, and a target price for the stock.

Analysts keep a close eye on every move of the companies they follow and update their equity research reports at least once a quarter after the company issues its quarterly earnings report. If significant material changes occur mid-quarter, the analyst will write an update to their research report in a flash report.

An example of an equity research report is a report on Apple written by a sell-side analyst from Argus. This report includes the analyst’s analysis and opinions about the company’s financials and future revenue and earnings predictions. The report also provides the analyst’s target price estimate and rating.

Important Components of a Typical Equity Research Report

The typical equity research report includes components that dig into the company’s financials, industry landscape, risks, and other vital aspects that can materially affect the company’s future business performance and stock price.

Recent Results & Company Announcements

Shortly after a company announces its quarterly results, an analyst will issue a new equity research report. This report will include an analysis of the recent quarterly results, including EPS, sales, and various financial metrics like EBITDA and profit margins.

When releasing quarterly results, a company often makes announcements in a press release or through a conference call between management and the analyst community. The equity research report will include an analysis of these company announcements.

Organizational Overview and Commentary

An equity research report typically summarizes the company’s organizational structure. This summary outlines the management structure and the company’s major divisions.

If the company makes any significant structural changes, such as appointing a new CEO or shutting down a division, the analyst will discuss the implications of these changes in the equity research report.

Valuation Information

Perhaps the most impactful part of an equity research report is the valuation analysis provided by the research analyst. The analyst provides an overview of the company’s performance through this analysis.

The valuation information included within an equity research report includes margin analysis, EPS and sales estimates, the stock’s target price estimate, and other valuation and financial metrics calculated through a deep dive into the company’s financial statements.

An analyst uses a company’s reported results and their own research into the company’s operations and the industry to calculate various estimates. The most prominent estimate is the EPS estimate, the analyst’s estimate for earnings per share for future quarters and fiscal years. Analysts also calculate forecasts for sales, margins, and other financial metrics.

Many equity brokerage reports include a target price estimate, which is a short-term estimate for the stock’s price. An analyst may also issue a rating for the company’s stock, such as buy, sell, or hold.

Financial Histories

An equity research report typically contains financial data going back several years on both a quarterly and fiscal year basis. The analyst uses this financial data to perform an analysis of the company’s financial health and create projections.

While research reports typically do not include complete financial statements, the reports often include important line items, valuation ratios, and financial metrics in tables which the analyst will reference in the commentary.

Evaluating trends is a big part of an analyst’s job; equity research reports discuss these trends. The report includes trends like year-over-year and quarter-over-quarter growth rates for metrics such as EPS, sales, and margins.

The trend analysis gives an excellent overview of the growth of the company. For example, suppose sales significantly grew year-over-year, but EPS was stagnant. In this case, the company may be facing higher expenses, and the analyst will dive into the financial results and attempt to uncover the cause of the problem.

Many equity research reports include a section that describes the risks the company and investors may encounter. These risks may include economic headwinds, an increasingly competitive landscape, and company-specific risks like failed product launches or management changes.

In-Depth Industry Research

While analysts are experts on the companies they follow, they are also experts on the companies’ industries. Equity research reports include the analyst’s evaluation of the industry trends, the competitive landscape, and how the company’s prospects align with changes within the industry.

Buy Side vs. Sell Side: What Role Do Both Sides Play?

Buy-side and sell-side firms play different roles in financial markets, and it is vital to understand the role of each.

Buy-side firms, such as hedge funds, pension funds and asset managers, have money to invest. They buy stocks and other investments and are fiduciaries of their client’s money. Sell-side firms, such as brokerage houses, sell investments to their clients, including buy-side firms.

Sell-side firms employ analysts that write equity research reports. The sell-side firms provide these equity research reports to their buy-side clients. Buy-side firms use these equity research reports to help make investment decisions.

Other Types of Research Reports

Analysts produce several types of equity research reports. These include initiation of coverage reports, quarterly results reports, flash reports, and sector and industry reports.

Initiating Coverage Reports

When a sell-side firm begins covering a stock, the first analyst report is called an initiation of coverage report. This report gives the analyst’s first take on a company and its stock. Many investors pay attention to initiation of coverage reports because they provide a fresh perspective on a stock.

Quarterly Results Reports

After a company reports its earnings, an analyst will issue a new research report incorporating recent results. The analyst discusses the results and what went wrong and right in the last quarter. The analyst will also calculate new financial projections based on the results, company guidance, and management commentary.

Related Resource: Portfolio Management: What it is and How Visible Can Help

Related Resource: How To Write the Perfect Investor Update (Tips and Templates)

Flash Reports

Analysts issue flash reports when significant material changes involving the company, or the company’s industry, occur. An analyst may issue a flash report if the company’s CEO resigns, the company initiates a significant stock buyback program, or other major news breaks. In a flash report, the analyst will discuss the relevant news and how it may impact the company and its stock price.

Sector Reports

Sell-side firms also issue sector reports. The sector reports will dive into trends within the sector, a high-level analysis of the top companies in the sector, and past and future predicted performance of the stocks within the sector.

Industry Reports

Like sector reports, industry reports discuss the competitive landscape and major players within an industry. An industry is a subset of a sector. For example, the technology sector includes the semiconductor, personal computer, and cloud computing industries. Industry reports focus on a narrower industry rather than a broader sector.

Equity Research Report Example

Although each sell-side firm has a unique style for presenting analysts’ research in equity research reports, most contain similar types of information. Let’s conclude our discussion of equity research reports by looking at a recent Microsoft report written by Argus analyst Joseph Bonner after the company issued its fourth quarter 2022 results.

The report starts with several tables of key statistics, such as financial and valuation ratios and the analyst’s investment thesis. The table also includes the analyst’s rating and target price for the stock.

The report continues with the analyst’s investment thesis for Microsoft stock. This thesis briefly explains the analyst’s rationale for his Buy rating on MSFT stock.

A section detailing recent developments within the company, which the analyst derives from the company’s earnings report and conference call, is followed by a look at select financial data. An analysis of growth rates for several key metrics like revenue and margins leads to an overview of risks that investors of Microsoft may face.

Equity research reports offer investors a great way to harness the power of Wall Street analysts. These analysts live and breathe the companies they follow. Investors can use their expertise to advise them in the investing process.

Sell-Side Research

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Simply Wall St helps investors make more informed decisions. Simply Wall Street conducts in-depth and unbiased fundamental analysis on thousands of listed companies worldwide allowing you to quickly identify and research opportunities.

StreetInsider gives members an "inside" look at Wall Street, providing access information once only available to Wall Street elite. Streetinsider Premium offers members a hard hitting, market moving news feed that weeds out non-actionable items. Some key trading categories covered include: M&A, hedge fund news, analyst rating action, comments, FDA news, Trader Talk, Rumours, and Momentum movers to name a few.

StockCalc is a fundamental valuation platform that saves you an enormous amount of time. Our site is used by retail investors, financial advisors, analysts and enterprise clients to find both under and overvalued stocks, ETFs and industries for their portfolios. Each night we value 9,000 stocks, 2,000 ETFs and 150 industries and generate detailed valuation reports to explain our process. We calculate what a stock is worth today as well as what its value will be over the next 12 months so both short term and long term investors can use our analysis. Our modeling is correct 99% on current price and 78% of the time over the next 12 month period. We value all stocks on the New York, Nasdaq and Canadian exchanges and are exploring a global data feed that will let us value stocks on 70 exchanges worldwide.

Equities , Fund/ETF

Provides investment ideas according to one's interest, preferences, and level of investment sophistication influence.

Equities , FX , Commodities , Fixed Income , Fund/ETF , Cryptocurrency

No API access

Squawk Box is included with The Fly subscription.

The Fly is a leading digital publisher of real-time financial news. The Fly financial market experts understand that news impacting stock prices can originate from anywhere, at any time. The team scours all sources of company news, from mainstream to cutting edge, then filters out the noise to deliver short-form stories consisting of only market moving content.

Equities , FX , Fixed Income , Cryptocurrency

The Motley Fool, LLC, a multimedia financial-services company, provides financial solutions for investors through various stock, investing, and personal finance products. The content is available to the public on our website and fool.co.uk, in its Motley Fool Money podcast, nationally syndicated newspaper column, books, radio shows, mutual funds, and premium investing services.

Includes cryptocurrency related news coverage from all major crypto-native, finance, and mainstream publications. All of the news is tagged and categorized by individual cryptocurrency.

No free trial

TipRanks is the most comprehensive dataset of analysts, hedge fund managers, financial bloggers, and corporate insiders. We provide answers to the most basic questions: Are they reliable and accurate? What is their track record? Are there better opinions out there? And, the most importantly- should I listen to this particular person? TipRanks stops the guessing game and shows you an updated and accurate view so you can make the most educated investment decisions. We publish articles covering the latest activity from major analysts, hedge fund managers and bloggers to give you the must needed edge on the market.

UBS Live Desk Institutional offers a window into the global trading floor of one of the world's largest investment banks. This real-time feed delivers the latest views, thoughts and opinions direct from people at the cutting edge of financial markets.

Equities , FX

Alexandria's disruptive technology discovers sentiment intelligence in the world's unstructured content and delivers it to institutional investors in contexts that matter to them. Alexandria Investment Research and Technology, Inc. creates text analytics and sentiment assessment tools for the investment industry. It helps professional investors in algorithmic trading, risk and compliance, portfolio research, and sales and trading.

Provides detailed quantitative research on Exchange Traded Funds (ETF). The fundamental tenet of our constituent level, fundamentals-based research process is to provide a forward-looking detailed view of a fund's investment merit and investment exposure.

Ratings on corporate and municipal bonds. Includes US corporate bonds and US-Treasuries.

Fixed Income

InvestorAi was built by Bridgeweave, a London based Fintech that aims to empower all investors with world class information and democratise sophisticated wealth and investment management.

Daily , Real Time

Bullseye is Adam Johnson's vision of what market research should be: Smart, Clear, Actionable. Bullseye Brief presents the three ideas most worthy of an investor's time every two weeks.

Capitalise is an award-winning automated trading platform. It converts natural language into effective investment strategies. With Capitalise's award-winning automated trading platform you can optimize your trading performance, protect your positions, and manage your investments. Always maximize your profits by acting faster on a variety of market data signals such as stocks, news events, fundamental data, technical analysis, forex, indices, ETFs, and more.

Equities , FX , Fund/ETF

CFRA is one of the world's largest independent research firms, helping global subscribers improve their investment and business decision-making. The firm's differentiated proprietary methodology is designed to provide high quality research, designed to enhance portfolio performance and reduce risk.

Channelchek.com, is Noble's free investor portal that offers independent research, balanced news, advanced market data, webcasts, roadshows, videos, podcasts and more. There are more than 6,000+ small and microcap companies hosted on Channelchek.

ChartSmarter is a trading service dedicated to the art of technical analysis. ChartSmarter focuses on the long term, letting winners run and cutting losers quickly to maintain capital.

China Knowledge Online Pte Ltd is financial newswires and research provider to global financial terminals and aggregators with a focus on Chinese equities, fixed income, mutual funds, OTC stocks, trusts, RMB and derivatives. The company is headquartered in Singapore and operates in other major cities of China such as HKSAR.

Daily, Real Time

Founded in 2011, Context Analytics, Inc. (CA) goal was to harness the massive amount of unstructured financial data across both Alternative and Traditional sources into machine readable feeds and market intelligence. CA aggregates the intentions of professional investors as expressed on Twitter and provides the financial and marketing communities with new data sources to evaluate financial data sets, help enhance returns, and reduce risk. We use our patented process to filter for professional investors, calculate sentiment at the Tweet level, and publish our proprietary metrics. CA provides predictive sentiment for all major asset classes.

CUSIP Service.

Econoday provides unbiased, jargon-free, market-focused analysis written by a team of senior economists. Data includes the prior release, revision to the prior release, consensus, and actual data. Consensus is proprietary and actively managed to ensure optimum results from the forecasts submitted by economists around the world who participate in Econoday's survey. Key events are ranked to make sure investors know which event matters most to the market. Notifications include the release of economic indicators, central bank announcements/minutes, as well as unscheduled market-moving events. Daily and weekly articles broaden the coverage to include market activity generally, such as updates on stocks, bonds and currencies.

Equities , Fixed Income , FX

Economatica specializes in handling financial information. Their SaaS based investment research platform rapidly organizes and systemizes data for all company stocks, ADRs, and ETFs listed on the major US exchanges. Economatica provides the information investors need to make better investment decision with a cloud-based platform that helps analyse securities and portfolios with the flexibility to meet an investors unique needs. These user-friendly tools allow investors to extract value from essential financial information and achieve the best investment results.

Equities , Fund/ETF , FX

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The core of Edison is its acclaimed equity research platform and deep multi-sector expertise.

Estimize is a crowdsourced financial estimates platform offering a true view of market expectations on 2100+ stocks. Equity fundamental and economic estimates crowdsourced from buy side, independent and amateur analysts.

Technical Forecast, Weekly ETF picks, and flagship Profit Strategy Newsletter. A global examination of every major ETF category including stocks, bonds, real estate, commodities and currencies is provided.

FinGraphs shows trends, price targets, and risk for end of day or Real Time trading on forex, stocks, and ETFs. FinGraphs focusses on the essentials of any technical analysis decision making process. It allows users to instantly assess potential trends, possible price target zones and risk levels.

Equities , FX , Commodities , Fund/ETF

FSinsight.com's Quantitative Indices (managed by Sam Doctor/Ken Xuan) are widely followed by clients. The research team has nearly 80 combined years of institutional sell-side research experience. Their approach is data intensive and seeks to take advantage of anomalies that identify sectors and stocks which have the potential to outperform the market.

Fundamental Analytics is an interactive website for commodity traders to research price behavior of commodities and fundamental data affecting prices. It is a website where subscribers can generate graphs, tables, and analyses of price data along with related fundamental supply/demand data.

Commodities , Equities , Fixed Income , FX

Hammerstone has levered its collective knowledge of the financial industry to create a financial media product that allows its subscribers to gain an edge against the market. Hammerstone market feeds, is an instant message stream for traders, providing subscribers with up-to-the-minute breaking news headlines and an analysis of the factors that drive the market.

Equities , FX , Commodities

Individual traders, brokers, and managers look to the Hightower Report to help them navigate today's complex markets. Their morning commentary provides concise, fundamental analysis on all the major market segments, including grains, livestock, financial markets, metals, energy, and soft commodities. Also includes a weekly market letter released Friday afternoons for up-to-date ideas and strategies to start the next trading week.

Equities , FX , Commodities , Fixed Income

IEX Cloud is the financial data business of IEX Group, which also separately operates the IEX Exchange. Since 2019, IEX Cloud has been setting new standards for easy delivery and use of financial data. IEX Cloud connects you with 150+ enterprise-grade datasets through one easy-to-use platform and API

Equities , Fixed Income , Cryptocurrencies

Fintech research firm producing alpha-generating analysis of insider data in real-time via a proprietary Ratings Expert System, and delivering conclusions via subscription and custom research products.

ISS EVA is an independent equity research provider offering investing insights through the use of a proprietary Economic Value Added (EVA) framework. EVA is an established standard in measuring, analyzing, projecting, valuing, and discounting a firm's underlying economic profit rather than its accounting profit. The ISS EVA experienced team of global analysts offers both fundamental and quantitative company analysis on over 24,000 stocks.

The KCR team has been working together since 2010 and has over 55 combined years of real money management experience using a quantamental approach to investing. We believe quantitative analysis is integral to the fundamental research process, and we know of no other method to successfully create systematic alpha. Steeped in behavioral finance, we seek to exploit pricing errors that arise from herding, confirmation bias, and self-attribution bias among others. The models were built using hand-cleaned data. KCR's research is used by some of the top institutional investors and asset allocation firms in the world.

Macro Hive is a leading independent provider of global macro and financial market research, and a digital financial media firm.

Equities , Cryptocurrency , Commodities , FX

Daily, Weekly

MacroRisk Analytics was created by a group of veteran Economics and Finance PhDs who have published extensive academic research explaining the foundations and evidence supporting their model. They also have over 10 patents that cover their methodology. MacroRisk Analytics is a two time winner of the William F. Sharpe Indexing Achievement Award, given at the Global Indexing & ETFs conference, sponsored by IMN and Euromoney Institutional Investor PLC. MacroRisk Analytics research reports are provided via their MacroRisk Research service.

Marketchameleon.com is a research tool for stock and options traders. The platform helps you quickly find trade opportunities and make risk/reward analysis.

Commodities , Equities

The Market Edge Technician report provides in-depth analysis on over 3,600 stocks. Updated daily, the research looks at short and intermediate term strengths and weaknesses and provides specific, actionable recommendations. A Calendar of Technical Events alerts investors to changes in pertinent technical indicators.

MarketGrader rates 40,000 companies across more than 100 global markets daily. Our growth-at-a-reasonable-price (GARP) methodology is designed to help you find the world's best growth compounders without overpaying for their shares. Every MarketGrader report provides a clear analysis of a company's fundamentals across four key areas: Growth, Value, Profitability, and Cash Flow, and summarizes our view on the stock with a clear 'Buy,' 'Hold,' or 'Sell' rating. It also shows you where any company ranks against its regional peers and gives you a Sentiment score to help you identify optimal entry and exit points

Market Structure EDGE is the only decision-support platform for active traders built on the rules that govern the US equity market. As in any market, prices in the stock market are set by Supply and Demand. EDGE mathematics deliver consistent, low-risk, short-term returns to traders who follow that math, buying DIVERGENCE, selling CONVERGENCE.

McAlinden Research Products (MRP) provides independent investment strategy research to investors worldwide. The firm's mission is to identify alpha-generating investment themes early in their unfolding. On a daily basis MRP scans hundreds of data and news sources looking for disruptive events that are unfolding around the world and compiles the most investment-relevant information into a Daily Intelligence Briefing report.

Merchantec Capital reports on JSE Listed Small and Mid-Cap companies and have been doing so for over 20 years. Our research looks deep into the fundamentals of the reporting company while also including a technical analysis of the share price. We add value by writing informative reports that are easy to read, assisting subscribers to make informed decisions.

Weekly, Monthly

Mill Street Research is a boutique consulting and research company focused on providing high quality, independent Global Portfolio Strategy research to clients. The firm provides proprietary quantitative data and rankings as well as tools and commentary to help investors make better asset allocation and stock selection decisions. The weekly Mill Street Research Trader Ideas report uses Mill Street's flagship quantitative and graphical stock selection tool, known as MAER, to screen the most attractive stocks from the S&P 500 and includes the proprietary MAER charts for each highlighted stock.

Morningstar is a leading global and independent equity research provider. Their long-term outlook and emphasis on economic moats, or sustainable competitive advantages, differentiates the research and has proven to drive long-term outperformance. Morningstar also provides independent, writer mutual funds research.

Equities , Fixed Income , Fund/ETF

Ned Davis Research (NDR) helps investment management professionals make better decisions with unbiased, insightful and risk-appropriate quantitative indicators, strategy, models and analysis across asset classes.

New Constructs, LLC is an equity research firm specializing in quality-of-earnings, forensic accounting, and discounted cash flow valuation analyses for public companies. The firm offers ratings on various investment vehicles, such as company stocks, ETFs, and mutual funds. Additionally, they provide a report that features a selection of stocks, which spans across large-cap and small-cap categories. The report includes stocks that the firm identifies as having the potential to perform well, as well as those that may carry higher risk.

Orbisa is a premium market data service offering insights and transparency into the securities lending industry.

Passiv is an automated portfolio management tool that makes it easier for DIY investors to follow a balanced fund investment strategy and grow their wealth. With Passiv, you can be your own wealth manager and free yourself from spreadsheets. Passiv is free to use, but you can upgrade your account to access more advanced features and get more convenience.

PropThink is a leading online destination of retail and institutional investors seeking actionable analysis of publicly-traded, emerging growth companies in the healthcare sector. PropThink provides specific long and short trading ideas to investors in the healthcare and life sciences sectors and identifies and analyses technically complicated companies and equities that are grossly over-or under-valued.

Real Vision arms you with the knowledge, the tools, and the network to succeed on your financial journey, with honest financial insights from the smartest industry experts, along with time-efficient market tools, charting and note-taking. Plus, a powerful community of like-minded go-getters to help you reach financial success.

Equities , Fixed Income , FX , Commodities , Fund/ETF , Real Estate , Cryptocurrency

Refinitiv is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization.

Chinese , English , French , German , Italian , Japanese , Spanish

Real Time , Weekly

SADIF is an independent research firm providing unbiased and conflict-free rating updates and quarterly equity research on more than 20000 companies worldwide. Recommendations are based on fundamental financial analysis complemented by technical inputs. The service is a comprehensive tool for analysis and development of actionable investment ideas.

Seasonax empowers investors with an award-winning platform to effortlessly filter thousands of stocks, commodities, and currencies. Their innovative Screener identifies high-probability trading opportunities in just a few clicks, guiding users towards top trades and offering insights into the historical market behaviour. Seasonax combines ease of use with powerful analytics, making informed investment decisions more accessible than ever.

Equities , FX , Commodities , Indices

English , German

Real Time , Bi-weekly

Simpler Trading Company is a premier options education service. Options education is provided through online classes, video newsletters, and a live trading room. Simpler Trading Company has the largest options membership community on the Internet. If you are interested in swing trading stocks you can check out Simpler Stocks which provides stock trading education through a video newsletter, articles, and group mentorships.

Smartkarma is a global investment research network made up of independent Insight Providers who produce, curate, and publish unbiased intelligence for institutional investors. Smartkarma's unique approach to research provides differentiated, independent analysis on companies, markets, and industries worldwide. This includes areas under-reported by mainstream market coverage, including Event-Driven, IPOs & placements, and small/mid cap equities, with a special focus on fast-growing Asian and emerging markets.

Proactive, Risk Controlled Strategies are a natural by-product of objective analysis. At Stock Traders Daily, their focus since 2000, is to provide a multi-tiered market analysis that is designed to help identify prime trading candidates.

Weekly , Monthly , Bi weekly , Daily

Stockpulse provides inimitable decision support with Emotional Data Intelligence that collects, filters, matches, scores, and augments unstructured data and converts it into processable information—making us a true pioneer in social media research and social media analytics since 2011.

Equities , Cryptocurrency

TF International Securities Group is a wholly-owned subsidiary of TF Securities Co., Ltd. ("TF Securities") in Hong Kong. TF International has established a strong presence in Hong Kong and serves clients from all around the globe to connect Chinese and global capitals. Subscription includes access to fundamental and economic research reports from Hong Kong and China.

Gravity Exists is a journal providing insight and analysis for wealth managers and institutional allocators. Gravity's editorial coverage spans market risk, economics, and policy as well as in-depth interviews with investment industry experts. On Wednesdays, the newsletter Playbook is published. Playbook presents proprietary model portfolios alongside analysis of the market and macro forces driving performance. Interactive Brokers clients are invited to receive Playbook, published articles, and invitations to webinars and live conferences, at no cost.

theScreener has established itself internationally as an information provider for asset managers. This is not least due to its exceptional track record, as well as the clarity and transparency of its multidimensional multi-factor model. The new CIO builds seamlessly on this success. To cover the different approaches in the investment area, new possibilities for data consumption and visualization have been implemented. This allows to use the system flexibly, regardless of the investment approach chosen.

Equities , Funds/ETFs

English, Spanish, German

Real Time, Semi-Weekly

TheStreet Ratings is TheStreet's award-winning quantitative equity rating service and it will put an investor's portfolio through the kind of tough scrutiny it must pass to succeed. With specific buy, hold, or sell recommendations for over 4,300 U.S. equities; each stock comes with a specific A through F score and a detailed up-to-date five-page research report.

TOGGLE AI is your smart portfolio assistant, covering 40,000 global assets across all instruments and classes. TOGGLE uses AI to help you make informed, data-backed trading decisions. With world-class traditional and alternative data, such as IBES Expectations and ESG rankings, go deeper into all aspects of your portfolio. TOGGLE puts hedge-fund grade insights at your fingertips. Invest rationally–not rashly.

Equities , FX , Fixed Income , Fund/ETF , Commodities , Cryptocurrency

English , Japanese , Portuguese

Trade Ideas gives technology reserved for hedge funds to the Individual Retail Investor with goal of enabling better decisions in the U.S. and Canadian equity markets. Our A.I. watches every stock and ETF in real-time to identify opportunities everyone else is missing.

Trading Central is a global leader of financial market research and automated investment analytics. Trading Central's Technical, Fundamental and Value-based analytics continually monitor the market, enabling today's investors to find, validate and optimize their strategies.

Equities , Fixed Income , FX , Fund/ETF

Updata Analytics is advanced technical analysis and automated trading software that runs in conjunction with the Interactive Brokers platform. The software also comes with powerful scanning and alerting covering almost any technical criteria. Run hundreds of live charts across multiple virtual desktops. Over 1,000 pre-built custom indicators and trading strategies available.

Validea's Stock Research suite is a web-based investment research tool that analyzes stocks using a series of systematic, fundamentally-oriented investing models that are based on the strategies of Wall Street legends and other demonstrable investing methods.

Bi-weekly , Real Time , Daily

ValuEngine provides individual stock valuation and forecasting reports on over 4,000 US stocks and over 1200 Canadian stocks. The ratings and forecast report incorporates the outputs from all of their proprietary models and includes a valuation overview, rating, fair value assessment, return forecasts, market ratio-based valuations, comparable stock analysis, and complete company financials.

Vermilion Research is a leading equity research firm serving institutional buy-side clients around the globe. Vermilion's action-oriented research provides professional investors with an in-depth technical analysis of equity market drivers enabling users to make intelligent investment decisions. Products are based on their proprietary methodology for constructing, tracking, and ranking sectors, industry groups, and stocks.

Bi-weekly , Monthly

Wall Street Horizon, a TMX company, provides the most accurate and comprehensive forward-looking corporate event data covering 10,000 publicly traded companies worldwide. The company offers more than 40 corporate event classes including earnings calendars, earnings date revisions, dividend dates, merger events, stock events, investor conferences and more. By keeping clients apprised of critical market-moving events and event revisions, our data empowers financial professionals to take advantage of or avoid the ensuing volatility. Clients use our award-winning data to identify upcoming catalysts in the marketplace.

WaveStructure provides a clear and unbiased view of markets while identifying high probability opportunities for limited risk entries. Professional services issue daily Elliot Wave and Action Reaction line analysis covering a wide range of markets. WaveStructure uses a proprietary computer based Elliot Wave system that applies a single unified set of rules and conditions to the analytical process, reducing human input and eliminating the possibility of bias.

Wright FIRST investment research service provides tools for portfolio management and includes proprietary Wright Quality Rating for each company, Investment Commentaries, extensive economic and securities markets Chart Files, and Special Report for over 38,000 of the leading companies in 69 countries. The Wright FIRST investment research Chart File provides an extensive resource with insightful graphs and tables that can be included in client account review presentation.

Yuan Talks is an independent media providing original content about China's economy and financial markets, with details and data you don't find anywhere else. THE WIRE provides real-time updates of market-moving news and views sourced from analysts, traders, industry insiders, journalists as well as trustworthy news outlets in mainland China.

Zacks Investment Research, Inc. is an investment research firm. The firm provides research coverage for companies using a blend of quantitative models and traditional fundamental analysis. It provides equity research, price response indicator, estimate analytics, market summary, rank stocks, portfolio tracker, exchange traded funds report, mutual funds report, options report, finance reports, education reports, video commentaries, and earnings analysis.

Note in relation to the fees quoted for research, news and market data: GFIS retains 5% - 10% of these fees to cover administrative and other costs related to the provision of these data services. The remainder of the fee is paid to the vendor.

• Sales tax and/or VAT is charged when applicable based on account's local jurisdiction.
• All data is provided by Global Financial Information Services GmbH.

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Disclosures

• *FREE TRIAL - Receive free for a 30 day period from date of subscription. The free trial subscription will terminate once the 30 day period is over. Once the trial data has terminated, the account may elect to re-subscribe to continue receiving the data. Should the trial data terminate mid-month and the election is made to re-subscribe, a full month charge will be levied as the exchanges do not prorate fees. For example, an account subscribing to a service subject to a free trial on October 15 will receive data for free until November 14. Should the account wish to continue receiving data past the 14th, the account must log into Client Portal and re-subscribe once the data has terminated. The re-subscription will result in a full month charge for November. This data will then continue until the account unsubscribes from the service.
• Market data subscription costs will not be pro-rated. Users who subscribe to or unsubscribe from data mid-month will be charged at the full month rate.
• Much of the tools, information and services accessible through this listings page are prepared and offered by independent third-party providers and not by Interactive Brokers. Information about a third-party provider provided in the listings page is NOT a recommendation of that provider by Interactive Brokers. Interactive Brokers does not make any representations or warranties concerning the services provided by the third-party providers.

Data Services: Research Data Bundle

The research data bundle for each region includes the following:.

Click links to learn more.

Region Specific Dow Jones Trader News

Briefing.com (Global Professional and North America Professional only)

MT Newswires (Global Professional and North America Professional only)

The Fly (Global Professional and North America Professional only)

Trading Central

ACCESSWIRE is is a complimentary service, and does not require a subscription.

ACCESSWIRE is a flat-fee, news and communications network, providing regional, national and global news to hundreds of clients globally. ACCESSWIRE disseminates full-text press releases for both private and publicly held companies globally to news media, financial markets, investors, information web sites, databases, bloggers and social networks.

ACCESSWIRE's press release platform is a cost-effective Fair Disclosure, Regulation FD news dissemination and media outreach service.

ACCESSWIRE's platform makes it easy to publish rich media assets such as video, audio and images, and gives users the power to build their own distribution to the outlets needed most. An earnings announcement, product launch, community message, M&A transaction or corporate update can be distributed to ACCESSWIRE's worldwide news network. Corporate issuers and their constituents utilize the cloud-based platforms and related services from document creation all the way to dissemination to regulatory bodies, platforms and shareholders.

Real-Time News Content Feeds: Multiple delivery options let users add real time news and multimedia content targeted to their audiences, filtering by industry, topics and language specific.

Financial & Regulatory compliance full suite of services include:

• Transfer agent
• Proxy services
• Shareholder analysis & outreach
• Earnings call & webcast platforms
• Investor relations websites
• Investor hotlines
• SEDAR, EDGAR, XBRL regulatory filings

ACCESSWIRE has a full Editorial team on staff 24/7 365 days a year available by both phone and email to process news releases and ensure complete capability to meet all deadlines and off-hour requirements.

Visit Website

Alexandria Technology

Alexandria Technology is a complimentary service, and does not require a subscription.

ACTA is a high-performance text analytics and social sentiment assessment engine that employs a non-linear, pattern-matching methodology to identify the hidden sentiment, critical facts and key relationships buried within an article. The breakthrough algorithm understands the meaning behind the news, not just the facts, and classifies sentiment with a high degree of accuracy.

Alliance News

To subscribe to Alliance News, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Real-time news coverage of the companies, markets and economies that matter the most to investors globally.

Alliance News Global 500 reports on the companies that make up the leading stock indices around the world. They have the most traded shares and attract investors from both home and abroad.

Markets are just as sensitive to politics and economics, so Alliance News journalists and our partner news agencies track the key data reports, central banks decisions and government policy making from the biggest and most interconnected economies.

Key features:

• Comprehensive and consistent news coverage of the most widely held listed companies in Asia-Pacific, Europe and North America
• Flash headlines on all market-moving events, including economic indicators and company earnings
• Global Briefing - as Asia winds down and the US and Europe head to the office, we summarise the most important news overnight and call the markets about to open
• Top News Summary - find out what is moving global markets just ahead of the New York market open
• In Depth - our deepest dive into blue-chip firms and red-hot topics
• Broker ratings and price target changes as flash headlines and a convenient daily summary
• Executive interviews and earnings previews
• In The Know - market insight and special situations; what the analysts and economists are saying and why
• Global calendars of company and economic events; regularly updated table of comparative indicators for major economies
• Central bank previews - what to expect from policy-making meetings at the Fed, ECB and other key rate setters

AltaVista Research

AltaVista Research is a complimentary service, and does not require a subscription.

A lot of ETF research focuses primarily on past performance and fees. AltaVista takes a totally different approach by evaluating ETFs based on the fundamentals of each underlying constituent. As a result, we can answer the critical questions most investors would ask before buying a single stock or bond, such as:

• What are expectations for sales and EPS growth, and how are they changing?
• What's happening on the balance sheet?
• How is it valued in relation to these fundamentals?
• What is the yield-to-maturity, credit quality and sensitivity to interest rates?

The benefit of this approach is that it helps investors make better fund selections based on forward-looking measures of investment merit, not just past performance. Our succinct reports cover nearly 1,000 ETFs and are updated daily to help keep investors on top of changing market conditions.

View Sample Report * Visit Website

Astris Advisory Japan

Astris Corporate Research is a research service, and does not require a subscription.

Augment Wealth Advisor

To subscribe to Augment Wealth Advisor, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Smart Tools To Grow Your Wealth

Augment combines multiple capabilities into a single digital platform giving you sophisticated tools to make well-informed investment decisions and grow your wealth.

We cover ETFs as no other giving you both extensive details and news ("Facts") and tools to measure investor optimism ("Feel") to help you invest intelligently.

Subscribe to Augment Wealth today for the best ETF scanning smart tools to see your wealth grow.

Benzinga is a complimentary service, and does not require a subscription.

Benzinga Professional is Wall Street's go-to source for breaking headlines and profitable, market-moving information. Approximately 93% more cost-effective than the Reuters and Bloomberg Terminals, Benzinga Pro grants users access to accurate corporate data powering major financial brokerages. Benzinga Pro allows investors of all styles to build reliable models without concern that one-time adjustments will distort projections. The cleanest figures allow traders peace of mind when comparing data to analyst expectations. Our analysts take the noise out of the market and publish only the most actionable 600 - 900 corporate news items per day; along with monitoring traditional outlets, the Benzinga Newsdesk speaks with hundreds of companies, market analysts and hedge fund managers daily to generate exclusive content. And with a coverage universe including the Wilshire 5000 (plus an additional 1,000 U.S. traded stocks), Benzinga Professional provides clients with real-time news and expert market analysis, covering everything from micro to macro-cap companies across all sectors.

Bond Ratings

To subscribe to Bond Ratings, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

To subscribe to InvestorAi, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Briefing.com

Briefing are complimentary services, and do not require subscription.

Stock Market Update: Commentary and analysis covering the broad market updated every half hour throughout the trading day. The commentary begins roughly 6 AM ET with summaries of foreign market activity and US futures and continues half-hourly through the close of the U.S. market.

Bond Market Update: Frequent updates that focus on today’s bond market activity featuring an ongoing synopsis of treasury market news and events that could have an impact on interest and FX rates.

Story Stocks: Analysis of individual stocks in the news.

Bullseye Brief

To subscribe to Bullseye Brief, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Bullseye is Adam Johnson's vision of what market research should be: Smart, Clear, Actionable. Bullseye Brief presents the three ideas most worthy of an investor's time every two weeks. On the off-weeks Bullseye sends a Sunday night roadmap for the week ahead, as well as a midweek podcast with insight from the some of the most respected money managers on Wall Street. Mr. Johnson's process is specific, and is designed to be simple. Bullseye looks for companies with a compelling fundamental story, data which supports his thesis, and a newsy hook which makes people lean in. Mr. Johnson considers both longs and shorts, and he provides specific parameters about where to buy and sell. Occasionally he highlights opportunities overseas, but generally he focuses on listed U.S. securities. Bullseye integrates options strategies when appropriate. Most importantly, Mr. Johnson encourages readers to call or email him with any questions.

To subscribe to Capitalise, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Plan Like A Human. Trade Like A Machine.

Capitalise.ai is redefining trading automation. For the first time, traders of all levels can automate their own unique trading strategies, using everyday English. From managing your daily trades to building complex automated systems - with Capitalise.ai you can automate your trading, zero coding needed.

• Quickly, Precisely and Free From Emotional Influence
• Let Capitalise.ai execute your plan
• Capitalise.ai monitors real-time market data, technical indicators, and macroeconomics data 24/7 so you don't have to.
• Seize every opportunity with optimized buying power.
• Open as many strategies as you want — only strategies that are triggered will use your buying power.
• Make Informed Strategic Decisions Based On Aggregated Data Sources.
• Backtest: Use historical data to see exactly how your strategy would have performed. View Backtest Video.
• Simulate: Test your strategies risk-free using real-time data.
• Performance Statistics: Gain insights from rich & comprehensive statistics on every trade.
• Respond Faster: Edit your strategies according to their performance with a click of a button.

Access an endless library of live strategy examples. View real-time performance data and use them as templates to create your own.

To subscribe to CFRA, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

CFRA delivers in-depth qualitative research on 1,500+ companies, as well as the latest news and analysis on global sector themes, industries, and funds, through in-depth qualitative research on 11 Sectors, 42 Industries, 1,860+ ETFs, 22,000+ Mutual Funds, as well as quantitative company research on 20,000+ global companies.

Channelchek.com

Channelchek is a complimentary service, and does not require a subscription.

ChartSmarter

To subscribe to Chartsmarter, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

ChartSmarter is a trading service dedicated to the art of technical analysis. Their team works very hard to generate ideas for serious investors while trying to keep things as simple as possible. ChartSmarter focuses on the long term, letting winners run and cutting losers quickly to maintain capital. They employ both traditional and non-traditional cutting edge strategies. Let ChartSmarter introduce their approach via a 2 week FREE trial.

China Knowledge

To subscribe to China Knowledge, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

China Knowledge Newswires:

China Knowledge Online Pte Ltd is a financial newswires and research provider to global financial terminals and aggregators. The newswire service includes articles related to Chinese equities, fixed income, mutual funds, OTC stocks, trusts, RMB and derivatives.

China Knowledge Research Reports:

China Knowledge Research Reports provide comprehensive 90% coverage of A-shares companies with unique perspectives that are usually covered by stockbrokers or banks. Well-known reports include Foreign Investors Rating, Investment Strategy Monthly, ESG, Mutual Funds Rating, Earnings Estimates and other themes.

Cusip Global Services

To subscribe to Cusip, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

CUSIP Global Services (CGS) places tremendous importance on standardization, over the past 50 years it has helped them to earn a reputation as the trusted originator of quality identifiers and descriptive data that are interoperable among regulators, banks, vendors, exchanges and depositories. CGS information helps streamline efficiencies throughout the global financial system. From the assignment of identifiers for new issues to their use in trading, settlement, asset servicing and risk management, clients rely on trusted CUSIP identifiers and the knowledge and experience of the CGS team to provide a solid foundation to run their businesses smoothly and reliably.

Dow Jones News

To subscribe to Dow Jones, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Dow Jones & Company is a global provider of news and business information, delivering content to consumers and organizations via newspapers, Web sites, apps, video, newsletters, magazines, proprietary databases, conferences, and radio.

Dow Jones Newswires delivers premium business news, commentary and insight in real time and with unquestionable accuracy and depth. Built on a renowned global reporting network of nearly 2,000 journalists, Dow Jones Newswires publishes more than 16,000 daily news items - including exclusive content from The Wall Street Journal, Barron's and MarketWatch - covering every asset class and key regions and markets worldwide.

Dow Jones News Service: North America

Informs trading and investing decisions with exclusive news, commentary and analysis on North American companies and markets. This streamlined source for equities markets and company news in the Americas also provides overviews of real-time news on other asset classes and regions across the globe.

Dow Jones Institutional News: Global

Provides exclusive data, commentary and analysis on issues affecting trading and investing across all asset classes globally. Stay ahead of global equities markets and company news, track drivers of sovereign and corporate debt markets, and monitor FX, FI and Commodities news with Dow Jones' most comprehensive real-time news feed.

Dow Jones US Press Release

US Press Releases sourced from PR Newswire, Business Wire, Market Wire and Globe Newswire.

Dow Jones Real-Time News: Global

Global stock market and geopolitical coverage providing exclusive, market-moving insights on major companies worldwide. A key resource for equity market investors and traders, the Global Equities feed also covers global macroeconomic and central bank news likely to impact currency and credit markets for a truly comprehensive view.

Dow Jones Real-Time News: North America

Includes North American stock market, geopolitical, macroeconomic and central bank news likely to impact currency and credit markets. Delivering exclusive, market-moving content on major companies, the Regional Real-Time feeds are a key resource for equity market investors and traders with regionally-targeted interests.

Dow Jones Real-Time News: Europe

Includes European stock market, geopolitical, macroeconomic and central bank news likely to impact currency and credit markets. Delivering exclusive, market-moving content on major companies, the Regional Real-Time feeds are a key resource for equity market investors and traders with regionally-targeted interests.

Dow Jones Real-Time News: Asia-Pacific

Includes Asia-Pacific stock market, geopolitical, macroeconomic and central bank news likely to impact currency and credit markets. Delivering exclusive, market-moving content on major companies, the Regional Real-Time feeds are a key resource for equity market investors and traders with regionally-targeted interests.

Dow Jones Local Language News

Dow Jones Local Language News delivers trusted news in clients' preferred languages to alert customers and investors to profitable trading opportunities and must-watch companies, industries and topics.

Dow Jones FX Select

Dow Jones FX Select delivers real-time global FX news, commentary and analysis directly to your trading portals and mobile applications. This feed provides retail traders with the advantage of actionable news and insight from a premier news organization.

Dow Jones Commodities Market Talk

Dow Jones Commodities Market Talk delivers actionable, comprehensive news and information to traders, analysts and portfolio managers.

Dow Jones Global News

Dow Jones Newswires is a market-moving financial and business news source, used by wealth managers, institutional investors and fintech platforms around the world to identify trading and investing opportunities, and build investor experiences.

Dow Jones Global Press Releases

Uncover trading, investing and deal opportunities with market-moving news and exclusive insights from trusted Dow Jones sources.

Econoday is available in TWS mobile only, and does not require a subscription.

A Smarter Calendar for the Smarter Investor

Trading the financial markets is never easy, but minimizing uncertainty by understanding what is really driving the markets is a crucial step. That is where Econoday's Global Premier Calendar comes into play.

It's much more than a calendar of economic events, it's a trading tool that helps investors make smarter financial decisions.

What to expect:

Unbiased, jargon-free, market-focused analysis written by a team of senior economists, each with more than 30 years of experience covering economic indicators and the potential impact on the market.

Understanding how to interpret the data is critical and Econoday Research's experts work quickly to detect significant elements within announcements for investors.

Data includes the prior release, revisions to the prior release, consensus, and actual data. Consensus is proprietary and actively managed to ensure optimum results from the forecasts submitted by economists around the world who participate in Econoday's survey.

Ranking of events to make sure investors know which events matter most to the market.

Notifications of the release of economic indicators, central bank announcements/minutes, as well as unscheduled market-moving events. Daily and weekly articles broaden the coverage to include market activity generally, such as updates on stocks, bonds, and currencies.

Coverage of events taking place in United States, Australia, Canada, China, Eurozone, France, Germany, Hong Kong, India, Italy, Japan, New Zealand, Singapore, Switzerland and the United Kingdom.

Immediate access to Econoday's archives dating back to 2001, encompassing event data, analysis, along with daily/weekly articles summarizing market activity, that can be used to help assess today's market trends.

Interactive charts provide the time series of the data, and display the consensus and the actual data when the cursor hovers over any date on the chart. Click on any date, and the user may immediately access the report for the indicator written on that date.

Control display options to maximize potential trading opportunities including changing the view of events to daily, weekly, or monthly; changing the timezone to local time; filtering events to highlight a specific country; and a responsive design allowing users to change the size of the calendar to meet their viewing preferences.

A weekly podcast called Econoday Unplugged where economists discuss current market issues. About Econoday: Econoday has been delivering economic data and analysis to the investment community for more than a quarter of a century. Econoday users span the globe and include premier financial institutions such as Bloomberg, Dow Jones, Nasdaq, Fidelity, TD Ameritrade, CME, ICE, Bank of America, and many more. Econoday creates print and digital products that make it easier for investors to follow economic indicators, and better understand the relationship of these announcements to market activity for the purpose of making more informed investment decisions. Taking into consideration the economic landscape before making a buy/sell decision is inherently a strategic advantage for investors.

Economatica

To subscribe to Economatica, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Economatica specializes in handling financial information. The SaaS-based investment research platform rapidly organizes and systemizes data for company stocks, ADRs and ETFs listed on the major US exchanges. Economatica provides the information needed to make better investment decisions with a cloud-based platform that helps investors analyze securities and portfolios with the flexibility to meet their unique needs.

These user-friendly tools are designed to help investors gather essential financial information and improve investment results.

• Screening, Peer Analysis, and Time Series Apps
• Reporting and Charting
• Company Valuations (Discounted Cash Flow model)
• Portfolio Optimization
• Pair Trading

Edison is a complimentary service, and does not require a subscription.

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The core of Edison is its acclaimed equity research platform and deep multi-sector expertise. Edison Investment's research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages the core research platform to provide differentiated services including investor relations and strategic consulting.

Estimize is a complimentary service, and does not require a subscription.

Estimize crowdsources quarterly corporate earnings and revenue estimates from the sell-side, the buy-side, as well as independent contributors. By leveraging a larger and more diverse community of contributors than traditional Wall Street data providers, Estimize has created a more representative and accurate data offering representing 1,500+ stocks. Institutional investors and professional traders utilize Estimize data for idea generation and risk management both in an API format as well as through the Estimize premium stock screener. The stock screener easily identifies stocks which consistently beat or miss Wall Street expectations and offers real time alerts that signal when the consensus and select analysts' expectations differ from Wall Street.

etfguide is a complimentary service, and does not require a subscription.

ETFguide's Product Offering includes the following:

• First Look ETF - First Look ETF features and examines newly launched U.S. listed ETF products.
• ETFguide PREMIUM - ETFguide PREMIUM along with the Technical Forecast and Weekly pick screens funds from a universe of 2,000+ U.S.-listed ETFs with over $3 trillion in assets. Subscribers receive trade alerts via text, Twitter @etfguidepremium, or email.

Technical Forecast & Weekly Pick

ETFguide's research includes the following tools:

• Market Meter
• Index Strategy Map
• Vital Signs of Key ETF Categories
• Mega Investment Theme Report
• Global Equity Map
• ETF Performance & Yield Corner

ETFguide's Approach:

Our innovative approach to ETF investing examines the immediate profit potential both long and short among thousands of funds. Not only do we make buy/sell picks accordingly, but our methodology includes a strict sell discipline with pre-determined stop orders designed to limit downside while letting our winners grow.

Our ETF Technical Forecast provides complete analysis and charting of key ETFs across all asset classes. Our actionable ETF picks are not generated by faceless algorithms, but rather, through our proven proprietary method of combining technical, fundamental, and sentiment analysis to find potential high profit opportunities.

Our investing philosophy can be summarized in the following manner:

• Provide actionable ETF trades
• Focus on market trends in stocks, bonds, real estate, and currency-linked ETFs
• Help investors to incorporate an adequate margin of safety within their portfolio
• Examine key support and resistance levels + pivots for clues about market conditions
• Showcase strategies designed to grow and protect capital during any market environment

To subscribe to FinGraphs, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

FREE: monitor markets with our proposed multi asset intraday mosaic (a selection of 16 charts on one page, continuously updated every 4 minutes in live streaming mode, across Forex, Commodities and Equity and Bond ETFs).

For access, just visit the "FREE CHARTS" section on our website below.

SUBSCRIPTION SERVICES: access the full FinGraphs' service across 5,000 instruments over all asset classes globally, with frequencies ranging from long term to intraday:

• simple decision helping chart methodology to identify trends, set price targets and assess risk over different combinations of investment horizons (for Investors, for Traders, for Scalpers)
• create your favorites lists, your bespoke multi instruments/multi time-frames mosaics of up to 16 charts per page, view a large selection of relative charts

FinGraphs is edited by Management Joint Trust SA, an institutional advisory firm founded in 1969 in Geneva, Switzerland.

To subscribe to FSInsight, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

FSinsight.com produces primary research along the following verticals:

• Macro Research led by Thomas Lee a widely-recognized market authority and commentator, whose views regularly appear in the media. (He was formerly at J.P. Morgan (1999-2014), where he was Chief Equity Strategist from 2007
• Portfolio Strategy led by Brian Rauscher (Head of Global Portfolio Strategy, former Chief Portfolio Strategist at Robert W. Baird & Co).
• Quantitative Strategy led by Ken Xuan (Head of Data Science Research, former operations strategy consultant at West Monroe Partners).
• Technical Analysis Strategy led by Robert Sluymer (Senior Technical Strategist with over 26 years of experience, formerly with RBC Capital Markets).
• Washington Policy Strategy led by Tom Block (president of Tom Block Consults, a public-policy consulting firm. Prior to that, Mr. Block had a 21-year career at J.P. Morgan, serving as global head of government relations).

FSInsight is lead by Tom Lee, former Chief Equity Strategist at JPMorgan. This FSI research team has nearly 80 combined years of institutional sell-side research experience. Their approach is data intensive and seeks to take advantage of anomalies that identify sectors and stocks which have the potential to outperform the market. Tools are aligned with this focus and help clients to make better informed decisions. FSinsight.com concentrates on delivering analysis, not opinions, and as an independent research provider, clients are assured that the work is tailored to provide fresh and innovative intelligence to aid in their investment process.

Fundamental Analytics

To subscribe to Fundamental Analytics, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Gordon Haskett

To subscribe to Gordon Haskett, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

GHRA's leading event-driven research team led by Don Bilson generates insights and actionable stock ideas by analyzing and attempting to anticipate strategic events, including M&A, activism, spinoffs, restructurings, and board/management changes.

Gravity Exists

Gravity Exists is a complimentary service, and does not require a subscription.

Gravity Exists is a journal providing insight and analysis for wealth managers and institutional allocators. Gravity's editorial coverage spans market risk, economics, and policy as well as in-depth interviews with investment industry experts.

On Wednesdays, the newsletter Playbook is published. Playbook presents proprietary model portfolios alongside analysis of the market and macro forces driving performance. Interactive Brokers clients are invited to receive Playbook, published articles, and invitations to webinars and live conferences, at no cost.

Hammerstone

To subscribe to Hammerstone, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Hammerstone Report is a separate service available in TWS. Subscribers can look forward to being provided with top level content and commentary 4x per day via the following daily reports: Early Look, Mid-Morning Look, Closing Recap, and Street Recommendations.

For more information on our products, please visit: http://thehammerstone.com/products

Hightower Report

To subscribe to Hightower Report, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Daily Comments

Individual traders, brokers and managers traders look to The Hightower Report to help them navigate today's complex markets. Our morning commentary provides concise, fundamental analysis on all the major market segments, including Grains, Livestock, Financial Markets, Metals, Energy and the "Soft" Commodities. Get a look ahead to the day's trade, with the latest fundamental data, support and resistance levels and trade suggestions.

Our commentary is sold by market segment or as a package so you can customize your subscription to your needs:

• Grains, Livestock, Financials, Metals, Energy and Soft Commodities (Coffee, Cocoa, Sugar and Cotton).
• Fundamentally-based analysis combined with classic technical analysis.
• Trade Strategies - When our analysts see an opportunity, they will let you know! Our trade suggestions have clearly stated objectives and risk levels.
• Options - Trade suggestions often include strategies that use options, either alone or in combination with futures.

Weekly Market Letter

Released Friday afternoons for up-to-date ideas and strategies to start the next trading week. Ideal for hedgers, traders, investors and everyone in between.

• Timely information and trade ideas.
• Easy-to-read layout.
• Succinct articles with specific trade strategies using futures, options and combinations of both.
• Market-by-Market Summaries, with long/short indicators.
• Major Economic Events - and how they will impact the markets.
• Overvalued/Undervalued Markets - Fundamental and Technical.
• Longer Term and Big Leverage Trade Sections.

To subscribe to IEX Cloud, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

About IEX Cloud:

IEX Cloud is the financial data business of IEX Group, which also separately operates the IEX Exchange. Since 2019, IEX Cloud has been setting new standards for easy delivery and use of financial data.

IEX Cloud connects you with 150+ enterprise-grade datasets through one easy-to-use platform and API – great for:

• Fintechs and developers looking to readily integrate financial data into their applications and products.
• Institutional investors that need a wide breadth of enterprise-grade datasets to inform their strategies.
• Everyday investors that empower investment decisions with data-driven research – whether that's tracking a portfolio in Excel or performing fundamental analysis.

Curated Core and Premium Data

Access institutional-grade data in minutes, including full U.S. market coverage and support for 475,000+ securities globally – all in one API:

• Real-time* U.S. stock prices and international historical stock prices from 150+ exchanges globally,
• Best-in-class fundamentals data,
• Corporate actions, including dividends, splits, and M&A,
• Crypto data, Forex rates, and macroeconomic data,
• Specialized alternative datasets, such as stock research reports, ESG data, ML-trained stock models, and insights from expert research firms.

Use IEX Cloud anywhere

Get data when and how you need it using an easy-to-use API, SSE streaming, bulk file downloads, the IEX Cloud Excel plugin, or customized data delivery with Rules Engine.

Visit the IEX Cloud getting started guide here for instructions on how to use the platform, including how to use the API, manage your subscription, and get the most out of the platform.

To subscribe to illio, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

We help individual investors think like a wealth manager.

What illio analytics include: Insights: Get key facts on your portfolio without doing the analysis. Scenario Analysis: Study how your portfolio behaves when markets move. ESG: Evaluate how aligned your portfolio is to E, S and G factors. And deep dives into: Risk, Drawdown, Performance, Structure, P&L, Income.

How we work:

Step 1: Aggregate all your accounts and track all your assets through one platform.

Step 2: Analyze your total wealth with professional grade analytics.

Step 3: Get informed with our insights which tell you all you need to know about your portfolio within seconds.

For more information on our products, please visit: http://illio.com

InsiderInsights

To subscribe to InsiderInsights, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

InsiderInsights Pro Trader (Includes the following)

• Power Alerts
• InsiderInsights Headline alerts are published when insider transactions generate or confirm InsiderInsights company ratings.
• Uploaded intra-day as qualifying insider transactions occur.
• Daily Insider Ratings Reports (via PDF File)
• InsiderInsights Ratings of stocks with open-market SEC Form 4 purchases & sales filed during the previous session.
• Uploaded before market opens the following morning.
• Weekly Insider Tables (via PDF File)
• InsiderInsights Ratings of stocks with open-market SEC Form 4 purchases & sales filed during the past week. Weekly summaries by company and individual. In addition, Insider Tables which include InsiderInsights tables for stocks with still-active Significant Ratings over the previous 90 days.
• Uploaded Saturdays.
• Monthly Insider Special Screens (via PDF File)
• InsiderInsights Monthly Special Screens combine insider data & ratings with various fundamental and price action criteria to help identify the potential best value, growth, momentum, and short ideas.
• Uploaded the 1st of each month and run on open-market SEC Form 4 filings from the previous calendar month.

ISS EVA provides complientary services, and do not require subscriptions.

View Sample Report 1

• This sample research report is published by ISS EVA and is being posted with permission from ISS EVA. The views expressed in this article are solely those of the author and/or ISS EVA and IB does not endorse or recommend any investment, trades or trading strategies discussed in the article. This material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Kailash Concepts Research

To subscribe to Kailash Basic, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Behavioral Finance, Portfolio Strategy & Quantamental Tool Kits Built by a Team with over 70 years of Money Management Experience. We believe in bringing focus and speed to your investment process. We do this by publishing weekly newsletters that are easy to consume and digest. Our work is all evidence based built on decades of robust research. It is not throwing darts. We believe, we are coming out of the longest and biggest bubble in US history and with modest normalization, our messaging should have a 5-12 years tailwind. Our work will communicate to you with a remarkable level of process and discipline where we are seeing opportunities and risks in markets. These letters will be able to help you with portfolio construction and communication to help grow your own business.

Interactive Brokers

Interactive Brokers is a complimentary service, and does not require a subscription.

The IBKR Quant Blog serves quantitative professionals who have an interest in programming.

CoinMetrics

Coin Metrics is a complimentary service, and does not require a subscription.

IBKR Traders' Insights

Combines market commentary from IBG traders, global exchanges, and other market veterans into one forum.

To subscribe to Mace News, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Mace News. Know better.

Real-time global macro news for investors.

Instant economic news coverage with context.

We help you pick out the intelligence from the daily deluge of information. Whether it's the latest economic indicator or comment from a central banker. Or the latest on global health or international trade.

Our reporters are veterans with deep knowledge of macroeconomic topics that apply across markets. We deliver accurate, independent news and analysis for savvy financial market participants.

Mace News keeps you alerted to upcoming news so you won't be caught off guard. Our team provides exclusive content, including interviews with central bankers.

We are responsive. We want to hear your questions and requests for coverage. Our focus shifts as your interests shift.

Mace News Macro delivers streaming news headlines and analysis at release time on key economic data and statements from policymakers. With news roundups and commentary putting the latest news in context. Helping readers understand what's happening now and what's next.

Billionaire's Portfolio

To subscribe to Billion's Portfolios, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Invest alongside the world's best and most influential billionaire investors in the world. Buy what they buy. Sell what they sell.

When a powerful investor enters an undervalued stock with a gameplan to unlock value - you can follow along, step by step.

To subscribe to Macro Hive, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Our worldwide user base spans across 160 countries and are from over 1,000 different institutions, from financial firms and international corporations to government bodies and universities.

Our aim is to provide both retail and institutional investors with a trusted platform to discover the best investment ideas in an accessible form.

MacroRisk Analytics

To subscribe to MacroRisk Analytics, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Economy Matters - MacroRisk Analytics provides statistically sound, scientifically tested methodology for measuring the economy's influence on investment prices, including 30,000 stocks, mutual funds, and ETFs. The Economy Matters tools enable investors to reduce their economic risk exposure, while also identifying opportunity in the current economic climate. MacroRisk Analytics is designed to reflect what the economy is doing right now, and how it will affect the value of assets in the future, based on current data and historical relationships.

Market Chameleon

To subscribe to Market Chameleon, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

• Order Flow Analysis
• Option Trade Opportunities
• Market Insights

You can use the tolls to gain valuable insights into order flow activity such as a breakdown of option order flow sentiment: retail vs. institutional.

Discover what is happening with big volume block trades, dark pools, market on-close order imbalances, unusual options volume, time and sales and more.

Find earnings plays using historical data as guidance for optimal strategy set ups.

Find option trade opportunities with theoretical edge.

You can use Marketchameleon unique analytics and tools to screen for option strategy trade ideas, view option strategy backtests, run risk/reward analysis, payout diagrams, get seasonality reports, upcoming events, historical option volatility charts, get historical probabilities and distribution of returns and more.

MarketDesk Research

To subscribe to MarketDesk Research, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

MarketDesk Research provides independent investment research and portfolio strategy centered around evidence-based investing. Instead of basing decisions on near-term trends or ""expert"" opinions, our team focuses on historical data, leading indicators, and statistical probabilities to guide core asset allocation ratings and idea generation. This quantitative overlay rewards facts, not opinions, and allows MarketDesk Research to simplify an often complicated market narrative and provide actionable ideas. Solutions include core asset allocation research (equities, credit, economics, and international markets), tactical ideas (industries, themes, regions), model portfolios (quantitatively managed strategies), and white label insights (client communication and marketing).

Market Edge Research

To subscribe to Market Edge Research, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Market Edge Technician report provides in-depth analysis on over 3,600 stocks. Updated daily, the research looks at short and intermediate term strengths and weakness and provides specific, actionable recommendations. A Calendar of Technical Events alerts investors to changes in pertinent technical indicators.

MarketGrader

To subscribe to MarketGrader, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Subscribe to any of the four coverage regions (Americas, Europe, Middle East & Africa, or Asia Pacific) or to all regions with Global package.

MarketGrader rates 40,000 companies across more than 100 global markets daily. Our growth-at-a-reasonable-price (GARP) methodology is designed to help you find the world's best growth compounders without overpaying for their shares. Every MarketGrader report provides a clear analysis of a company's fundamentals across four key areas: Growth, Value, Profitability, and Cash Flow, and summarizes our view on the stock with a clear 'Buy,' 'Hold,' or 'Sell' rating. It also shows you where any company ranks against its regional peers and gives you a Sentiment score to help you identify optimal entry and exit points.

Market Structure Edge

To subscribe to Market Structure Edge, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Market Structure EDGE (30D free trial) is the only quantitatve decision-support platform for investors that highlights SUPPLY and DEMAND in US stocks. As in any market, prices rise when Demand outstrips Supply, and vice versa. Without knowing Supply and Demand, price tells you little. And you can't get great returns trading stocks others don't own. Everybody owns the same stocks. Everybody owns APPL, for instance. You'll outperform the rest if you buy diverging Supply and Demand in AAPL. By showing Supply and Demand in simple, clear graphics along with other important portfolio factors such as Volatility and $/Trade, EDGE is a true and unique advantage for traders and investors in US stocks.

McAlinden Research Products (MRP)

McAlinden Research Products is a complimentary service, and does not require a subscription.

McAlinden Research Partner's (MRP) strives to identify change-driven, thematic investment ideas. They follow a proprietary methodology developed by Joe McAlinden, a 50 year Wall Street veteran, and former CIO of Morgan Stanley Investment Management, along with former Chief Strategist of Dillon Read & CEO of Argus Research. Subscribers to MRP receive the "Daily Intelligence Briefing"(DIBS) report which provides a deep dive into subjects MRP is exploring, in its quest for alpha generating themes.

To subscribe to Merchantec Capital, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Our other company services are:

• Company Valuations
• JSE Sponsor
• Advisory Services
• Capital Raise

Mill Street Research

To subscribe to Mill Street Research, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The weekly Mill Street Research Trader Ideas report provides active traders with a focused list of 20 liquid US large-cap stocks that rank highest on Mill Street's flagship MAER multi-factor stock ranking model. Institutional investors globally have relied on MAER for stock selection for years, and Mill Street now extracts the most timely ideas for traders in the Traders Ideas Report. Mill Street's MAER product is a carefully constructed, institutional-grade multi-factor global stock ranking model that has been used by demanding buy-side firms for years as part of their stock selection process. MAER leverages proprietary implementations of well-established drivers of returns to obtain results that are more effective, robust, and investable than most other models.

MNI Market News

To subscribe to MNI Market News, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

MNI is a provider of news and intelligence specifically for the global foreign exchange and fixed income markets, offering real-time actionable, insight and decision support to professional investors and traders delivered in concise bullet point format. MNI's reputation for delivering mission-critical information has been built over three decades. Offering not only news, but news analysis: linking breaking news to the effects on capital markets. MNI's mission is to provide "All Signal, No Noise".

Morningstar

To subscribe to Morningstar, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Access research from Morningstar, the leading global provider of independent, fundamental research to help make better informed decisions. Morningstar's team of 100+ global analysts covers thousands of securities and delivers in-depth reports that include the Morningstar Rating™, buy/sell prices, Stewardship Ratings, Economic Moat Ratings, and risk analysis.

MT Newswires

To subscribe to MT Newswires, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

News you can use! Used by most of the largest banks and asset management firms, Live Briefs PRO North America (from MT Newswires) is a leading source of breaking news to professional traders and wealth managers in the US, Canada and Europe. With up-to-the minute coverage of global financial market activity around the clock, subscribers get unique and actionable news and trading analysis of equities (US and Canada), commodities, options, bonds, FX and all global economic events. Among the 110+ categories of coverage are the proprietary Earnings Reaction History reports, providing subscribers with unique insight into how a company's stock price is likely to react based on reactions to similar news in the past (see sample story).

Live Briefs PRO is produced by MT Newswires experienced staff of economists, financial journalists and editors delivering clients with a zero noise source of original, multi-asset class real time news. Breaking news and analysis every market day from 6:30 am to 6:30 pm ET, including both the pre-market and after-hours trading sessions.

Naviga Newsfeed

To subscribe to Naviga Newsfeed, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Ned Davis Research

Ned Davis Research is a complimentary service, and does not require a subscription.

NDR Advisory Publications provides broad, objective market analysis, and implementation ideas. The Advisory Publications include daily U.S. economic analysis; weekly summaries providing global macro-economic analysis, top-level analysis on global and U.S. asset allocation, and U.S. sector allocation. Advice offering includes actionable ideas; weekly commentary on ETF trends; monthly commentary summarizing key positions and themes in the market; and quarterly benchmark analysis discussing themes among asset classes, styles, and sectors.

Since 1980 Ned Davis Research (NDR) has been helping investors to make better decisions with unbiased, insightful and risk appropriate market and global economic data and analysis. NDR's commitment to data-driven analysis has resulted in the firm's evolution into one of the largest independent institutional investment research providers in the market. NDR is widely recognized for its concise market commentary and objective views. Ned Davis Research is headquartered in Venice, Florida, with offices in Atlanta, Boston, London, Hong Kong, and San Francisco.

The Ned Davis Research methodology draws on both fundamental and technical research disciplines. Fundamentals provide insight as to how the markets might act, while technicals reveal how the market is acting. Truly insightful and timely ideas demand a balance between these two disciplines. Actionable ideas meet balanced, strategic insights through our 360° research methodology.

New Constructs

New Constructs is a complimentary service, and does not require a subscription.

We find it. You benefit. Investment ratings on 3000+ stocks, 400+ ETFs and 7000+ mutual funds. We offer tools to help clients protect themselves from red flags buried in footnotes. Cutting-edge technology enhances our forensics accounting expertise to provide the best risk/reward analysis. We shine a light in the dark corners of SEC filings so our clients can make safer, more informed decisions.

To subscribe to Orbisa, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Orbisa is a premium market data service offering insights and transparency into the securities lending industry. The Orbisa dataset lets clients evaluate short trades by accessing key securities lending metrics. Investors can access metrics such as Utilization, Shares On Loan and Short Interest Indicators to gauge borrowing demand in a name, which may reflect market sentiment. They can also leverage historical data to view recent trends and compare activity across two tickers.

• Utilization: a measure of supply and demand in the securities lending market. This value measures the on-loan quantity (shares actively borrowed) relative to the inventory quantity (shares available to be borrowed), giving insight into how difficult it may be to locate a security
• Short Interest Indicator: a measure of shares borrowed versus shares publicly available to trade. A high short interest could lead to a potential short squeeze if short sellers look to close out of positions
• On-Loan Quantity: the number of shares actively being borrowed
• On-Loan Value: the value of the shares actively being borrowed. This value will be influenced by the On-Loan Quantity as well as price movements of the security
• Days To Cover: an estimate of how long it would take to cover a short position given recent trading volumes by comparing the on-loan balance to recent trading volumes. The higher this figure, the greater the risk of a potential short squeeze

Users subscribed to Premium Orbisa Securities Lending Analytics also have access to 12 months of historical data to help understand when demand is increasing or decreasing. In addition, they can gain insight by comparing borrowing demand between two stocks.

To subscribe to Passiv, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Passiv is an automated portfolio management tool that makes it easier for investors following a balanced fund investment strategy to manage their portfolios. It helps users to be their own wealth manager, making it easier for them to allocate cash and maintain a target allocation. Simply set your target allocation and follow the calculated trades. You'll also get notifications whenever cash hits your account or your portfolio drifts. Passiv is free to use but Elite users get access to advanced features like:

One-click trades - Allocate cash or rebalance your portfolio in one-click, saving you the hassle of having to login to your broker to place the trades.

Multi-account portfolios - Combine multiple accounts into one holistic portfolio to keep everything balanced.

Advanced currency handling - Keep your different currencies separate by preventing foreign exchange transactions in your account.

Dollar cost averaging - Allocate new cash contributions gradually over time to reduce the risk from market volatility.

And much more!

Peak Capital Management

To subscribe to Peak Capital Management, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

PCM Report – The PCM Report is a monthly report produced by the Peak Capital Management leadership team of which includes a variety of content including economic commentary on the capital markets, technical analysis, political analysis, and a brief Q&A section led by both our CEO and Chief Equity Strategist.

Quarterly Performance Review – The Quarterly Performance Review is a research report produced by our Chief Equity Strategist and Head of Research, Clint Pekrul, CFA, where he analyzes and discusses the equity and fixed income markets. Clint also provides a brief review of how our managed-risk strategies have performed over the most-recent quarter.

To subscribe to PropThink, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

PropThink is an intelligence service that delivers long and short trading ideas to investors in the healthcare and life sciences sectors. Our focus is on identifying and analyzing technically complicated companies and equities that are grossly over- or under-valued.

PropThink provides long and short trading ideas to investors in the healthcare and life sciences sectors. Our editorial team is comprised of individuals with a strong background in science, medicine and the business of successfully commercializing therapeutics, medical devices, diagnostics and healthcare services. Our ultimate objective is to leverage the knowledge and experience of our contributors, as well as a network of experts and thought leaders, to introduce our subscribers to profitable long and short investment opportunities in the healthcare sector. We offer regular market coverage, actionable research, and a free weekly newsletter to investors who subscribe on PropThink.com.

QuantConnect

To subscribe to QuantConnect, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

QuantConnect's cutting-edge algorithmic trading cloud lets you design and trade strategies in Python or C#, tapping into a massive library of financial data for your strategies.

The complete API lets you focus on your strategy and leave the data plumbing to us. Your strategy is deployed to institutional-grade racks in Equinix and is fed with the best market data possible.

The Researcher Pack comes with a fast 2-Core 5GHz, 8GB-RAM backtest server to run your cloud backtests, a jupyter research node to do historical batch research, and a live-trading node wired up and ready for trading.

The Trading Firm pack comes with 2 high-powered backtest nodes each with 4-5GHz Cores and 12GB RAM. They have a powerful research node and an upgraded live trading node. The Trading Firm pack lets you collaborate with team members to quickly deploy your ideas.

Real Vision

To subscribe to Real Vision, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Real Vision was born of the rebellious belief that we all deserve a chance at financial freedom, with access to smart financial insights, free from bias or hype. That's why we arm you with the knowledge, the tools, and the network to succeed on your financial journey.

At Real Vision we give industry experts a place to share their honest financial opinions, so you can learn from the best. We offer the latest financial tools, an AI-driven concierge, market news and charts to support your investing with ease and efficiency. We give you access to like-minded go-getters to share ideas, strategies, and opportunities. Conveniently, all in one place.

We believe that there is great power in community — that's why we have built an incredible network who support, encourage, and inspire each other.

Truth is in our DNA. That's why we tell it like it is, no matter how tough the market — because you deserve the truth when it comes to making financial decisions.

And because we're time-strapped just like you, we appreciate something that makes our lives a little easier…that's why our Real Vision platform was built to make it simpler and faster to learn, connect, and ultimately grow your portfolio.

Real Vision empowers you to take control of your financial future, whether you're new to investing or a seasoned pro.

RedSky Markets

RedSky Markets is a complimentary service, and does not require a subscription.

Redsky Markets is a data analytics company that has developed a proprietary software language allowing for rapid queries of large datasets. When certain market thresholds are met in CME Group's major products, Redsky is designed to provide real-time alerts via text message, RSS feed or mobile app. Additionally, Redsky can provide historical context around every market alert.

Refinitiv is a complimentary service, and does not require a subscription.

Recognizing that professionals need trusted information, filtered, and expertly managed, Refinitiv provides a wide range of business-critical information and software for actionable insight.

Sadif Analytics

To subscribe to Sadif Analytics, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

SADIF is an independent research firm providing unbiased and conflict-free rating updates and quarterly equity research on more than 20,000 companies worldwide. SADIF recommendations are based on fundamental financial analysis, complemented by technical inputs. Our ratings provide a comprehensive tool for analysis and development of actionable investment ideas.

To subscribe to Seasonax, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Seeking Alpha

Seeking Alpha is a complimentary service, and does not require a subscription.

Stock market insights & financial analysis. Provides research articles covering broad range of stocks, ETS and investment strategies. Insights are provided by buy side investors and industry expert.

Simpler Trading Company

To subscribe to Simpler Trading Company, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Simply Wall Street

Simply Wall Street is a complimentary service, and does not require a subscription.

Simply Wall St helps investors make more informed decisions. Simply Wall Street conducts in-depth and unbiased fundamental analysis on thousands of listed companies worldwide allowing you to quickly identify and research opportunities. Our products are easy to understand, visual, and comprehensive.

Slingshot Insights

To subscribe to Slingshot Insights, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Slingshot Insights is an expert network and management access company, focused on the healthcare and biotech space. Slingshot Insights focuses on fulfilling specific interview requests for investors on stocks, and records and transcribes telephone interviews.

Interactive Broker clients can access these completed KOL interviews, conducted by professional portfolio managers, for a monthly fee.

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Slingshot Insights' Exclusive Package for GFIS Customers includes:

Access to Slingshot's completed expert interview transcripts after a 2 week holding period.

Immediate access to Slingshot Insights' management call transcripts as well as the ability to access live calls.

To subscribe to Smartkarma, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Smartkarma is an independent investment research network uniting Insight Providers, Investors, and Investor Relations Professionals. Smartkarma challenges conventions by providing differentiated, independent analysis on companies, markets, and industries across the world. This includes insights on areas under-reported by mainstream market coverage, including Event-Driven, IPOs & Placements, and Small/Mid-Cap Equities, as well as a wealth of financial data and analytics provided by exchanges, banks, brokers, and more.

Smartkarma's online platform empowers asset managers and private accredited investors who want to access market-moving, differentiated intelligence; corporates who need to maximise their outreach; and analysts who wish to reach global investors with their written reports and bespoke services. Smartkarma is backed by notable investors such as Sequoia Capital, SGX, Wavemaker Partners, Jungle Ventures, and Enterprise Singapore.

The network continues to grow as Smartkarma bolsters its offerings and services:

Premium Services allow asset managers to engage with Insight Providers in a deeper, more nuanced way through desk access and differentiated bespoke reports.

Smartkarma Originals are bespoke and exclusive research pieces that look at current topics through unique perspectives, to deliver even more differentiated research to Smartkarma's client base.

Corporate Solutions helps listed companies monitor investor and analyst sentiment, improve their research coverage, and streamline investor relations workflows.

Private Investor Solutions (Smartkarma Plus) empowers private investors with differentiated and actionable investment ideas with a niche focus on Asian markets. Private investors can now have access to Smartkarma's extensive archive of independent and institutional-quality research, trusted by global institutional investors with million-dollar budgets.

Smartkarma is headquartered in Singapore, with offices in London and New York.

Context Analytics

Context Analytics is a complimentary service, and does not require a subscription.

Context Analytics, Inc. (CA) aggregates the intentions of professional investors as expressed on Twitter. CA uses patented proprietary Sentiment NLP, Topic Modelling, and Source Technology to compare current conversations to historical baselines identifying if the conversation is significantly more positive or negative than normal. CA is a licensed Twitter partner with access to the full Twitter Firehose. We provide nearly 12 years of out-of-sample historical data and have applied our machine learning to this historical dataset. Our data has proven to be predictive at statistically significant levels.

Stock Traders Daily

Stock Traders Daily is a complimentary service, and does not require a subscription.

Trading Reports and Ahead of the Curve

Buy and sell signals, fundamental charts, and technical data for day, swing, and long term trades. Includes a daily hand-drawn combined analysis of near, mid, and long term straight-line technicals for the NDX, DOW, RUT and SPX. This market analysis helps distill anomalies.

Daily Tech Market Analysis

Stock Traders Daily offers a Daily Comprehensive Market Analysis that combines the Dow Jones Industrial Average, NASDAQ 100, S&P 500, and Russell 2000 (combining analyses to help identify anomalies and opportunities). Market analysis helps investors tune out the noise associated with stocks and company specific dynamics and make improved investment decisions. This subscription provides market analysis and commentary, forward guidance, strategy updates, and trading plans updated aftermarket every day, in advance of the next trading session. Traders using index futures and leveraged ETFs use Stock Trader Daily's raw data to define entry and exit levels, while investors, advisors, and funds use the daily commentary to monitor changes to sentiment.

Strategies and Timing

Stock Traders Daily offers Strategy indicators and Timing Tools that are designed to help investors make long and short trading and investing decisions over varying time frames. The Strategy indicators are a simplified way of understanding whether a portfolio should be exposed to the market or protected, for example. These are updated after hours every day, for the next session, and during market hours when necessary too. Tools include Sentiment Tables and Fibonacci Calculations to help investors with their timing strategies. Please email [email protected] and request more information about the accuracy of their Fibonacci Timing Tool. With Strategy Indicators and Timing Tools, both investors and Traders can gauge their market exposure, and make decisions supported by proven techniques.

Economic Analysis

Stock Traders Daily offers a big-picture approach to economic observations; less focused on the day to day changes to economic data, and more focused on data and events that shape the macroeconomic picture. Stock Traders Daily focuses on global liquidity, central bank monetary policy, and long-term economic trends.

Stockpulse GmbH

To subscribe to Stockpulse, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Data collectors are continuously scanning myriads of different internet sources for relevant financial topics, communication, and other unstructured data. Latest Artificial Intelligence, Machine Learning, and Natural Language Processing (NLP) methodologies are used to process and aggregate data quality and extract cryptic knowledge of raw and unstructured data sets into viable and comprehensible information such as trading signals.

We have one of the most extensive and most diversified coverages of social media sources around the globe, with a specific focus on financial markets. Beyond the usual sources like Twitter or Stocktwits, we provide insights into Reddit, Discord, Telegram, highly frequented stock message boards, and many other specialized sources. Our coverage is global, we currently monitor more than 40.000 equities from all regions of the world and 9.000 crypto currencies. Natural Language Processing (NLP) is done in several languages, e.g. English, German, Chinese, Swedish, Danish, Finnish, Icelandic, etc.

StreetInsider.com

To subscribe to StreetInsider.com, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

When it comes to real-time market intelligence and analysis there is no substitute for StreetInsider Premium. Trusted by thousands of money managers, traders and analysts at the world's top banks, hedge funds and exchanges, StreetInsider Premium gives members the edge they need in a fast moving market. StreetInsider Premium offers members hard hitting, market moving news feed that weeds out non-actionable items. Some key trading trading categories covered include: M&A, hedge fund news, analyst rating action/comments, FDA news, Trader Talk, Rumors and Momentum movers to name a few. There are many news services that can spit out headlines, but only StreetInsider.com Premium thinks like a trader. We cover derivative plays, special situations, momentum plays, calendar plays and big picture ideas, among other items that can take your market intelligence to the next level.

To subscribe to Stockcalc, Log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon.

Stockcalc provides fundamental valuations each day for over 9,000 stocks, 2,000 ETFs and 150 industries on the NYS, NASDAQ, TSX and TSX-V. Their platform empowers you to find under and overvalued stocks and make investment decisions with confidence, whether as an advisor or retail investor. They use a combination of fundamental analysis coupled with technical, economic and volatility indicators as well as commodity prices to calculate what a stock is worth today and what its value will be over the next 12 months. The modelling has had a 99% success rate on predicting the current price and a 78% success rate over the next 12-month period. Their platform allows you to quickly identify investment opportunities to grow your portfolio or build your own models using our suite of tools.

TalkMarkets

TalkMarkets is a complimentary service, and does not require a subscription.

TFI Securities

TFI Securities is a complimentary service, and does not require a subscription.

TFI has a strong research platform with diversified coverage. Subscription includes access to fundamental and economic research reports from Hong Kong and China.

To subscribe to The Fly, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

The Fly is a leading digital publisher of real-time financial news. Our financial market experts understand that news impacting stock prices can originate from anywhere, at any time. The Fly team scours all sources of company news, from mainstream to cutting-edge, then filters out the noise to deliver short-form stories consisting of only market moving content.

The Motley Fool

The Motley Fool is a complimentary service, and does not require a subscription.

The Motley Fool's purpose is to make the world smarter, happier, and more prosperous. While other companies may focus on one or two of these, TMF aims to do all three by providing outstanding business and investing advice - with a decidedly Foolish bent.

theScreener

To subscribe to theScreener, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

For more than 20 years, the research specialists have been successfully developing solutions that enable strategists, decision-makers and advisors in the investment field to do their demanding job more easily, faster and better.

Whether navigating top-down over markets, sectors and asset classes or a targeted individual value analysis – everything is possible in theScreeneer CIO.

TheStreet Ratings

To subscribe to TheStreet Ratings, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TheStreet Ratings is TheStreet's award-winning quantitative equity rating service and it will put your portfolio through the kind of tough scrutiny it must pass to succeed. With specific buy, hold, or sell recommendations for over 4,300 U.S. equities; each stock comes with a specific A through F score and a detailed up-to-date five-page research report.

The Tie Crypto Newsfeed is a news service, and does not require a subscription.

The TIE is the leading provider of information services for digital assets. Our core offering, the Crypto SigDev™ Terminal, is the fastest and most comprehensive workstation for institutional digital asset investors. SigDev brings together real-time news from thousands of primary sources, with sentiment analytics, spot and derivatives, alternative, and on-chain data in a powerful and intuitive platform.

The TIE's clients include the leading traditional and crypto-native hedge funds, OTC desks, market makers, trading venues, banks, sell-side firms, and other institutional market participants.

To subscribe to TipRanks, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TipRanks offers a suite of powerful tools for individual and professional investors that turn any system into a fully-fledged research platform. Use TipRanks to generate trade ideas, perform market research and manage portfolios.

TipRanks serves as a comprehensive investment tool for traders and financial institutions. TipRanks aggregates stock ratings made on stocks in the NASDAQ and NYSE and tracks both the performance of analysts and bloggers who publishes stock advice, as well as track the gains made by top hedge funds and corporate insiders. TipRanks can be used to draw data-based insights on investor holdings, accompanied by simple graphics. TipRanks crunches data so investors can act on insights.

Analyst Activity

For stock, TipRanks aggregates the ratings made by analysts in the last 3 months to determine the overall consensus, ranging from Strong Sell to Strong Buy. The average 12-month price target is displayed along with the potential upside/downside from current market value, illustrated by a graph that extrapolates the high, low, and median stock price estimates for the next 12 months. Below, view a summary of the recent analyst ratings made on the stock. This includes the analyst name, firm, and rank next to the rating details. To learn about the rationale behind each rating, refer to the "Read article" link that will redirect investors to the reasoning behind the analyst's call.

Analyst Profile

TipRanks creates a comprehensive score card for analysts, allowing investors to view the potential gains from each analyst's history. The name, firm, and sector of the analyst can be viewed alongside the analyst's success rate and average return. Analysts are rated according to a combination of their success rate at making recommendations, average return of all recommendations, and the statistical significance of their results.

To subscribe to TOGGLE, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TOGGLE AI is an easy-to-use, institutional-grade investing assistant. It was named the winner of "Best Financial Research Company" at Benzinga's 2021 Global Fintech Awards.

With TOGGLE AI, you'll get AI investment ideas every day, access to the TOGGLE Leading Indicators, instant alerts, help to plan entry and exit points, and much more.

Join a global community of over 100,00 investors who supercharge their investing with TOGGLE AI.

How does TOGGLE AI work?

• TOGGLE AI monitors billions of data points across valuations, momentum, economic growth
• Using the power of machine learning, TOGGLE's AI distills this vast ocean of data into actionable insights on more than 40,000 assets.
• TOGGLE covers all asset classes, including global equities, currencies, crypto, futures, commodities, and fixed income.

What do I get with TOGGLE Copilot?

• Get access to the ultimate idea generation tool, putting all of TOGGLE's insights at your fingertips.
• Connect all your portfolios in one place and receive daily alerts on how current market movements, new data releases, and news headlines might affect your securities.
• Easily filter the universe by sector, insight quality, direction, and more.
• From business cycle analysis to entry-point indicators, you'll get access to all the insights favored by institutional investors.
• Regardless of your subscription plan, all users get access to live workshops, small-group orientations, and world-class client support.

Why should I upgrade to TOGGLE Pro?

• TOGGLE Pro is our full professional suite geared toward experienced investors. In addition to all the features available on Copilot, Pro users will get access to insights on futures, credit, and fixed income.
• You'll also get access to our Scenario tool, which uses state-of-the-art data science to help you explore potential movements on a macro level. How do copper prices affect your mining stocks? If inflation is really high, what could happen to your bank stocks? Test all your hypotheses with one click, no coding required.
• IB Global Investments LLC, a subsidiary of Interactive Broker Group Inc., the parent company of Interactive Brokers LLC, is a minority owner of Toggle AI.

Trade Ideas

To subscribe to Trade Ideas, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

"Trade Ideas gives technology reserved for hedge funds to the Individual Retail Investor with goal of enabling better decisions in the U.S. and Canadian equity markets. Our A.I. watches every stock and ETF in real-time to identify opportunities everyone else is missing.

Trade Ideas' Machine Learning AI performs a Quantitative Combine daily that reduces, via idea generations and risk management testing, a large universe of algorithms to 6 or 7 per day optimized for capturing alpha with the highest probability of success."

Tradestation

To subscribe to Tradestation, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

TradeStation offers state-of-the-art trading technology and online electronic brokerage services to active individual and institutional traders in the U.S. and worldwide.

Trading Central is only available in listed professional data bundle.

The Trading Central team prides themselves in successfully supporting investors through innovation. This goal is at the core of everything they do, creating a dynamic and continuously growing list of investor-centric innovations that are designed to facilitate confident, educated trade decisions. Trading Central's patented pattern recognition applications continually scan 89 markets globally to provide coverage of over 75,000 instruments. Their insightful analysis and investment research tools enable users to find and validate suitable investment opportunities based on their individual preferences, optimize the timing of their trades, continually learn about markets while running their own portfolios.

Markets never sleep, and with offices in Paris, London, Cyprus, New York, Ottawa, Sydney, Hong Kong and Shanghai, Trading Central is always there to support investor decisions in the moments most needed.

UBS Live Desk Institutional

To subscribe to UBS Live Desk, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

UBS Live Desk offers a window into the global trading floor of one of the world's largest investment banks. UBS Live Desk delivers streaming commentary from traders and sales in short, easy-to read snippets to keep you up to date with the very latest developments in global financial markets. The commentary includes updates on assets as well as views and opinions on the key themes driving markets.

To subscribe to Updata, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

"Updata is a market leader in the provision of technical analysis and automated trading software. The software is compatible dozens of different data sources including Interactive Brokers right up to professional market terminals such as Bloomberg and Refinitiv Eikon. Users can run hundreds of different charts across multiple workspaces. The Technical Analysis tools cover all the bases including world leading point and figure. Automatic price targets are given with a single key press.

Scan large universes of stocks for the ones that meet a given criteria and set complex technical alerts for trade generation ideas. The system testing capability lets users write their own trading systems and Updata's Indicators libraries provide over 1,000 pre written systems to run and test right away. This can be linked trough to trading on the IB platform."

To subscribe to Validea, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Validea's Stock Research suite is a web-based investment research tool that analyzes stocks using a series of systematic, fundamentally-oriented investing models that are based on the strategies of Wall Street legends and other demonstrable investing methods. The service consists of 22 "guru"-inspired models and time-tested investment strategies that are used in individual stock analysis, new investment idea generation, model portfolios, trade alerts, stock ratings and additional features like Validea's ETF models portfolios and more. The guru models on Validea include approaches based on Warren Buffett, Peter Lynch, Ben Graham, Joel Greenblatt, Martin Zweig and many others.

• Validea Stock Reports: Access individual stock reports based on guru strategies and point in time fundamental data.
• Validea Standard: Access stock selection models based on Buffett, Lynch, Graham and other Great Investors.
• Guru Analysis: Real-time analysis of any stock using proven factor-based strategies.
• Guru Stock Screener: Screen for stocks that pass any guru models.
• Model Portfolios: 14 easy to follow model portfolios that make following Validea's system easy. Users also have access to ETF Asset Allocation models, which have been tested back to 2006.
• Trend Following: Buy and sell signals for stocks and major asset classes based on a proven technical timing system.

Validea Professional: Elite research tool with 22 demonstrable investing models, including portfolio set and much more.

• Get All 22 Guru Models: Models based on fundamental momentum, private equity, value composites and shareholder yield are available in the model portfolios, guru analysis and guru stock screening features.
• Model Portfolios: Unlock all 22 guru-based models. Users also have access to all ETF model portfolios (factor, sector and asset allocation strategies).
• Trade Alerts: Individual stock alerts based on high conviction guru signals.
• Industry and Country Portfolios: Industry- and country- based portfolios that contain the top stocks according to Validea's guru models.
• Trend Following: Buy and sell signals for industries and investing styles based on a proven technical timing system.
• My Validea Pro: Follow any industry or country/region and receive email alerts on upgrades and downgrades within them.

To subscribe to ValuEngine, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

ValuEngine (VE) is a stock valuation and forecasting service founded by Ivy League finance academics and Wall Street professionals in 1996. ValuEngine provides individual stock valuation and forecasting reports on over 4,000 US stocks (including 800+ ADRs) and over 1,200 Canadian stocks. In addition, we provide reports on 16 Sectors which are further broken down into 140 Industries. All reports are updated daily after market close.

Our Rating and Forecast Report incorporates the outputs from all of our proprietary models and includes a valuation overview, rating, fair value assessment, return forecasts, market ratio-based valuations, comparable stock analysis, and complete company financials.

ValuEngine's Rating and Forecast Reports for over 5000 stocks provide a recommendation that is based on the proprietary ValuEngine one-year forecast return model output for each individual equity. ValuEngine's Five-Engine rating stocks have an averaged annual return of 26.40% since 2002.

ValuEngine also provides a forecast for 1-3-6 months as well as 1-2-3 years. The predictive variables used in Valuengine's forecast model include both proprietary and well-established variables derived from credible financial studies and publications. We use a distinct forecasting model for each time horizon and apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible.

To subscribe to Vermilion, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Booster Shots:

Booster Shots is a great source of ideas for value-oriented investors. The charts presented in this report exemplify selling exhaustion, bottoming patterns, and in some cases, positive inflections. Stocks demonstrating bottom-finishing patterns, as they are known, may be indicators of improving price and relative strength reversals.

Vermilion Compass:

• Weekly strategy recap and presentation of actionable themes.
• Weekly reiteration of Vermillion's top-down investment thesis with updates and a selection of actionable Sector and Group ideas.
• Provides bottom-up analysis of over 3,000 stocks broken-down by sector and characterized as being in one of six technical cycles.

Vermilion ETF Pathfinder:

• Comprehensive technical assessment of ETF landscape.
• Pathfinder offers a comprehensive technical appraisal of the ETF universe.
• Provides commentary and strategy for ETF investors broken down by asset class, geography and sector.
• Explores actionable ETF themes, highlighting the most technically significant charts to help investors identify significant trends and their component drivers.

Vermilion Insights:

• Actionable sector and group themes.
• Provides cyclical and secular investment ideas based on thematic sector and group moves.
• Ideas are generated through the use of Vermilion's proprietary RSR rankings, and a comprehensive review of individual charts.
• Ideas are selected on the basis of significant trend inflections, increasing the likelihood for immediate and sustainable performance.

Short Shots:

Short Shots is a collection of technically vulnerable charts culled from the "Negative Inflecting" and "Toppy" columns within Vermilion's Weekly Compass Report or, from their various technical screening processes. The charts contained within the report demonstrate concerned technical patterns that suggest further price deterioration is possible. For these reasons Short Shots makes sense as a source for ideas by investors interested in short-selling candidates.

Wall Street Horizon

To subscribe to Wall Street Horizon, log in to Client Portal, toggle to User Settings > select Research Subscriptions > select the Current Research Configuration Icon

Wall Street Horizon Corporate Event Data for Retail and Institutional users (API)

In the volatility that surrounds corporate events, investors use Wall Street Horizon's accurate and timely single-stock event data to stay on top of company happenings for their portfolio and watchlist companies. Knowledge of forthcoming events and event changes gives them the lead time they need to gain a trading edge.

The Wall Street Horizon universe covers 10,000 publicly traded companies worldwide including NYSE, NASDAQ, OTC, FTSE 100, CAC 40, DAX 30, Hang Seng 50, Nikkei 225, EAFE and Dow Jones STOXX 1000 constituent companies. Wall Street Horizon event data includes more than 20 event classes, highlights include:

Lifecycle of Earnings Dates through to EPS and Earnings Conference Call

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Analysis of the instruments within each asset class is continuously updated. Alerts about imminent trade opportunities are issued on a daily basis before market open. Alerts fall within the following categories:

• Action Reaction line break (see Education section)
• Elliott Wave breakout (e.g. price rallies above the top of wave 1, entering into wave 3 territory)
• Elliott Wave divergence (e.g. price action in wave 5 not confirmed by a new extreme in the RSI reading)

On average there are about 10-30 alerts issued per day. Alerts follow a simple format: Date Period Ticker Instrument Event Sentiment

31/12 Daily ZL Soybean Oil Divergence Bearish

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The service facilitates business development and client servicing. Financial Advisors and Investment Professionals can provide prospects and clients with timely information and research. The Wright FIRST Investment Research Chart File provides an extensive resource with insightful graphs and tables that can be included in client account review presentations.

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They fill the gap between local business information in China and the information that global investors can get from mainstream media outlets. Yuan Talks walk you through every trading day, grab every piece of news with a potential of moving the markets and present it to clients at the earliest possible time. They organize highly scattered China market news to keep you informed in a streamlined and efficient way.

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Zacks stock research methodology represents a blend of quantitative and fundamental research, with analyst-written research reports on approximately 960 stocks and quantitatively-driven one-page Snapshot reports on an additional 2,600 stocks. At the core of our rating system is the Zacks Rank, which reflects estimate revisions momentum and earnings surprises.

A new addition to the Zacks Equity Research Reports is the Zacks Style Score, which provides an additional tool for investors to sort through the large number of Zacks Rank 1 and 2 stocks at any time based on one or more of the Value, Growth and Momentum investment styles. The idea is to help investors pick the most appropriate Zacks Rank stocks based on their individual stock-picking preferences. The individual A, B, C, D, E or F Style Score for each stock results from a back-tested evaluation process that uses the metrics with the most predictive value for each style. The top-rated stocks combine Zacks Rank of 1 or 2 with Style Scores of A or B.

Seeing Is Believing

Sell-side Equity Research in a Nutshell

Updated: April 2 2023

By: Noah Edis

There’s a reason Wall Street banks are known as “The Sell-Side” – it’s because their primary business is to help companies raise money by selling stocks and bonds. And the people who work in this division are called equity researchers, or just “analysts.”

Their job is to study individual companies and figure out whether they’re a good investment. They track things like earnings, revenue, and profit margins, and then make reports for their clients to guide them about whether or not to buy or sell shares of that company’s stock.

But it’s not just about picking winning stocks. Equity researchers are also responsible for coming up with new investment ideas and helping to shape the overall market outlook. To do that, they need a solid understanding of financial statements and accounting concepts, as well as experience in fundamental analysis and valuation.

But how does this impact your investment choices? Let’s take a closer look.

What Do Sell-Side Equity Research Analysts Do?

Sell-side equity research analysts are responsible for providing analysis and reports for clients, typically institutional investors such as hedge funds, mutual funds, and pension funds.

The sell-side equity research department is responsible for the generation of new ideas and the production of high-quality analysis. The department is usually divided into sector teams, each of which covers a particular industry or group of companies.

These are analysts and associates. Analysts are the people who produce the actual research reports, while associates support them by conducting fieldwork, gathering data, and performing other tasks.

Their work process can be categorized into three main tasks:

• Information Gathering

Sell-side equity analysts are responsible for gathering information about the companies that they cover. This includes both financial information and non-financial information.

Research analysts can obtain financial information from a variety of sources, including company filings, earnings calls, and analyst presentations. On the other hand, they can gather non-financial information through fieldwork, such as meeting with company management or visiting factories.

Once the necessary information has been gathered, it must be analyzed to make investment reports. This analysis typically takes the form of financial modeling, which is used to forecast a company’s future performance.

• Report Writing

Sell-side equity research reports contain information on companies’ past performance, current situation, and future prospects. It also includes the analyst’s rating (e.g., buy, hold, or sell) and price target for the stock. The reports are then distributed to the firm’s clients to help them make investment decisions.

Buy-Side vs. Sell-Side Analysts: What’s The Difference?

The main difference between buy-side and sell-side analysts is the type of client that they work for. Buy-side analysts work for institutional investors, such as hedge funds and mutual funds. Meanwhile, sell-side analysts work for banks and other financial institutions.

Another difference is the type of research that they produce. Buy-side analysts tend to produce more in-depth, fundamental research. In contrast, sell-side analysts tend to produce shorter, more concise research reports.

A final difference is the compensation structure. Buy-side analysts are typically paid a salary plus a bonus based on their performance. On the other hand, sell-side analysts are typically paid a salary plus a commission based on the number of research reports they sell.

What Is The Difference Between Equity Research And Investment Banking?

There is some overlap between equity research and investment banking, as analysts at investment banks may also do research on companies. However, the two functions are separate, and analysts typically specialize in one or the other.

Basically, investment bankers are responsible for helping companies raise money by issuing and selling securities. Equity researchers, on the other hand, provide analysis of publicly traded companies.

What Is The Difference Between An Analyst And An Associate?

An analyst is typically the title given to someone who has been working in equity research for a few years and has gained some experience. In contrast, an associate is someone new to the field and still learning the ropes.

Analysts typically have more responsibility than associates, such as creating reports and making client presentations. They may also be involved in meeting with company management and other investors.

Associates typically assist analysts in their work and learn from them. They may also have some responsibility for creating reports, but their primary role is to learn about the industry and the market.

What Is a Sell-Side Equity Research Report?

An equity research report is a document that provides an in-depth analysis of a particular stock. The report typically includes a company overview, financials, valuation, and analyst commentary.

The main purpose of an equity research report is to help investors make informed decisions about whether or not to invest in a particular stock. The report should provide an objective overview of the company’s financials and valuation, as well as the analyst’s opinion on the stock.

Here are the typical components of an equity research report:

• Company overview – This section provides a brief overview of the company, including its business model, key products and services, and competitive landscape.
• Financials – This section includes a detailed breakdown of the company’s financial performance, including revenue, operating income, net income, and EPS.
• Valuation – This section provides a valuation of the company, including its price-to-earnings (P/E) ratio and enterprise value-to-EBITDA (EV/EBITDA) ratio.
• Analyst commentary – This section includes the analyst’s opinion on the stock, including whether or not it is a buy, sell, or hold.
• Investment risks – This section discusses the key risks associated with investing in the company.
• Catalyst – This section includes a discussion of the key events or factors that could impact the company’s stock price.

Different types of sell-side equity research reports

There are three main types of equity research reports:

• Top-down analysis – This type of report starts with a macroeconomic overview of the market, then drills down to individual sectors and companies.
• Bottom-up analysis – This type of report starts with a detailed analysis of individual companies, then drills up to sector and market level.
• Hybrid analysis – This type of report combines elements of both top-down and bottom-up analysis.

Why Sell-Side Equity Research is Valuable

Sophisticated professional investors.

The main customers of sell-side equity research are professional investors, such as money managers, hedge funds, and pension funds. These investors rely on research reports to help them make informed investment decisions. Outside suggestions may be of limited value because you will almost definitely do your own due diligence before investing.

Mitigate Risk

One of the primary goals of sell-side equity research is to help mitigate risk for investors. By providing accurate and timely information, analysts can help investors avoid making costly mistakes in their stock picks.

Get an Edge on the Competition

Many professional investors subscribe to multiple research reports to get a broad overview of the market. This gives them an edge over investors who only rely on their own analysis.

Get Unbiased Information

Remember that analysts are not always right about their analyses. However, by subscribing to a variety of research reports, you can get a more balanced view of the market and make better investment decisions. In addition, sell-side equity research informs investors of the latest news and developments in the constantly changing equity market.

Enhanced Corporate Access

Regulations make it impossible for corporate management teams to selectively provide important information to investors, posing a problem for huge fund managers who frequently require precise information when appraising a stock.

To get around this, fund managers frequently attend meetings sponsored by sell-side companies with contacts with executives of their research subjects, where they may meet company management teams.

Sell-side businesses’ institutional customers can also convey the most important issues they wish to see addressed by corporate management in quarterly earnings conference calls and reports.

Idea Generation

Sell-side equity research reports can be a valuable source of investment ideas. By reading these reports, you can get a better understanding of the companies that interest you and the stocks worth watching.

Creating Context

For skilled investors, reports may be most valuable as a way to establish a meta viewpoint. Short-term variables significantly impact stock values, so investors may learn about price fluctuations by keeping an eye on the whole research environment.

Consuming research also enables investors to assess the temperature of the sector and compare current conditions to previous happenings. In the market, history tends to repeat itself, thanks in part to the industry’s inclination to shake during collapses and attract new professionals during bull runs.

Having a detached viewpoint can help illuminate cyclical tendencies, making it simpler to spot alarming signs that might otherwise go unnoticed by the untrained eye. As a result, new investment possibilities are generated.

That said, investors should avoid research that just reinforces their own prejudice – a powerful factor that has undoubtedly contributed to market booms and collapses in the past.

Challenges When Choosing a Sell-Side Equity Researcher

Many analyst reports are available for free on the internet. The sheer number of firms providing sell-side equity research can be overwhelming for investors.

So how can you determine which research reports are worth your time and money?

Here are a few factors to consider when choosing a sell-side equity research analyst:

• Consider the firm’s reputation

First is the reputation of the sell-side equity research firm. Does the firm have a good track record? Are its reports well-regarded by other investors?

• Consider the analyst’s experience

Second, consider the experience of the analyst who wrote the report. How long has the analyst been covering the stock? Does the analyst have a good track record?

• Consider the firm’s coverage universe

Third, consider the firm’s coverage universe. Does the firm cover a lot of stocks or just a few? If the firm only covers a few stocks, is your stock one of them?

• Consider conflicts of interest

Fourth, be aware of any potential conflicts of interest. Does the firm have a banking relationship with the company? Does the firm’s parent company have a business relationship with the company?

• Consider the price

Finally, consider the price. How much does the report cost? Is it worth the price for the information it provides?

These are just a few factors to consider when choosing a sell-side equity research analyst. Ultimately, you should use your own judgement to decide which reports are worth your time and money.

However, what if there’s a way to view all these analysts’ price targets and ratings in one place?

Welcome to AnaChart. AnaChart is the only website that shows analysts’ past and present action. Other sites present current price targets, but none show previous ones for users to get context other than AnaChart.

Easily find and follow any analyst that outperforms the market. AnaChart assists you in determining which analyst price goals and ratings are essential so that you can feel more confident in your investments and spend less time worrying.

AnaChart’s simple, elegant design makes it easy to find and track the analysts you care about. Simply enter a ticker symbol to view an interactive chart of the stock price over time.

By comparing it to the previous day’s close, you can also see how much the stock has risen or fallen above and below the strike price over time.

You can also view the price target history for each analyst. This way, you can quickly and easily see how accurate the analyst has been in the past and get an idea of whether or not their current ratings are likely to be accurate.

In addition to price targets, you’ll also see analyst ratings (strong buy, buy, hold, underperform, sell) on the chart. This lets you quickly see how bullish or bearish the analysts are on a particular stock.

Also, outside ratings and price targets, you will get the following:

• Line per analyst per stock — separately and together
• Duration since the last posted price target
• The frequency of stock prices realizing price targets
• The average time it takes for price targets to be realized
• Performance scores for stocks so you can identify which analyst model works best
• Statistics regarding average success on analysts price targets fulfillment and average duration in doing so

AnaChart is the only website that provides all this information in one place. So, if you’re looking for an easy way to find and follow the best sell-side equity research, AnaChart is the place to go.

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Use LSEG Workspace  (formerly Refinitiv).

• To find analyst reports (also known as sell-side, broker, or equity research reports) for a specific company, search for that firm's ticker symbol or name in the top search box. Then, on the News & Research  menu, click on Company Research . Use filters near the top of the page to refine your search. 
• To screen for analyst reports based on a set of criteria, type  ADVRES in the search bar and select the Research Advanced Search app, or click on  Research in the main menu. then, click on Advanced Research . You can filter for reports by industry, geography, contributor, keywords, and more.

Note: LSEG Workspace has a  150-page daily limit for viewing and downloading research content. This limit is in lieu of retail prices listed on reports and resets at 12:00 AM Eastern Time daily.

Bloomberg (see access details ) contains some analyst reports.

• Type your company's ticker symbol, then hit the yellow EQUITY key, then type BRC and hit the green GO key.
• To find reports by industry or keyword, type RES and hit the green GO key.

Morningstar equity research reports and analyst cash flow models can be found in PitchBook .

Hoovers contains some analyst reports as well.

• Type in a company name and select the company you want.
• Scroll down the screen; if available, analyst reports appear under Advanced on the left side.
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The Equity Analyst

How (Sell-side) Equity Research Works

Yes, investment banks provide the back-end such as office space, payroll, distribution channel, etc., but analysts have 100% discretion on how to run their research team based on their vision.

The franchise nature of the profession explains why asking “which bank has the best equity research report” does not mean much, because the highest-ranked internet analyst (Brian Nowak, Morgan Stanley) and the highest-ranked large-cap biotech analyst (Umer Raffat, Evercore ISI) don't sit in the same firm.

You can WATCH this article:

How is the sausage made?

In this section, I am going to show you the whole process of equity research – from content creation to reporting dissemination. I will use the initiation reports (to be explained later) as an example, but the process is similar for all report notes.

Research Analyst / Team

The research teams are the sources of content. They produce the research reports and create the financial models based on management guidance, macro data, and historical financial data of the covered company.

Per FINRA regulation, analysts are not allowed to speak their views on stocks without first publishing reports that contain their views. Therefore, every time analysts join a new firm, they will “initiate” on the stocks they intend to cover (also known as “launching coverage”). The initiation reports are detailed reports that describe the business, competition, products, market size, investment thesis, etc.

Supervisory Analyst (SA)

After the reports and financial models are finished, they are sent to Supervisory Analysts (SAs) for review. SAs are the biggest impediment to report dissemination. So they are disliked by equity research across the industry, but they are a staple feature of the profession.

For example, SAs will check to make sure reports do not solicit investment banking businesses (such as speculating on mergers or acquisitions not confirmed by the press) or do not contain provocative language (things get subjective quickly and that's when research teams frequently get into shouting matches over email with SAs).

Every single equity research report needs to be approved by an SA before it’s published and disseminated to clients.

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Equity Sales & Product Management

After the initiation notes are approved, the analyst will tell Product Management that she will go on the morning call to market the product.

The morning call is a daily meeting that occurs before the stock market opens. During the meeting, research analysts who are scheduled to appear will take turns pitching their high-impact research (such as initiation, deep dive, key stock upgrade / downgrades) to equity salespeople, so that the salespeople can promote their research to institutional clients. (For more routine research reports such as earnings notes, analysts don’t go on morning calls.)

During this process, two additional constituents are involved:

Product Management : They manage the morning call process. They: 1) Decide whom to let on the morning call (because every analyst thinks every research report of theirs is high impact); 2) Provide guidance on best practices for research reports based on client feedback; 3) Keep track of readership metrics; 4) Manage the firm’s annual institutional investor poll process, such as strategy to get more votes and move up the firm ranking.

Equity Sales : They are the distribution channel. They attend morning calls every day because that’s when they receive the products to sell to clients for the first time on that day (if sales know an analyst stock upgrade before the report is published, that's the same as having access to insider information).

Salespeople have their coverage of client accounts (eg. Hannah covers 5 industrial pods within Millennium Management and a mega single manager hedge fund; while Josh covers technology portfolio managers within Wellington Management, a long-only, and a few $200 million AUM long/short hedge funds in Boston).

Some of you might be wondering: If the notes are disseminated to clients’ inboxes directly, why the need for salespeople? The reason: Clients have access to 30+ sell-side firms who all send research reports to them every morning, you think they saw your analyst’s note?

So equity salespeople add value by amplifying the research reports by calling the clients personally: “Hey, Dick Toad put out this amazing deep dive on the flying car industry today. No one on (Wall) Street has done this depth of work in this space. You should check it out.” That nudge gets the client’s attention and drives readership if the salesperson and the analyst’s pitch are good.

Why does Equity Research exist?

A simple industry structure analysis explains well in my opinion: equity research is two-sided aggregation due to the highly fragmented nature of its two key constituents: investors and companies (issuers).

Investors : There are tens of thousands of equity investment funds out there. Smaller investment funds can leverage equity research to access the management of publicly traded companies of various sizes. Without equity research, these smaller funds would not receive management access because companies prioritize their internal investor relation resources on serving the largest shareholders. This is why research analysts host their own conferences where clients get to do 1-on-1 sessions (for a fee of course) to meet with the CEO of companies they are researching.

Companies : Yes, we all know about the S&P 500 companies, but there are many more companies with lower market capitalization who need investor attention. Equity research provides that reach for these companies.

Even S&P 500 constituents wouldn’t mind relying on the sell-side to reach a broader, fragmented group of investors who can be incremental buyers of their company’s stock. As mentioned before, there is only that much an in-house investor relation department can achieve.

What value does equity research really add?

From the vantage of an outsider (or even those in the industry), a lot of things do not make sense. I think incentives are what made equity research how it is.

Sell-side research is not in the business of generating alpha. Some do differentiate by stock picks. But most add value via other routes that are less stressful than being right on stock picks.

There are analysts within sectors that even the best buy siders respect what they say, but they are the outlier, not the norm.

Some of equity research's value add:

Saves time for buy-siders : financial models, understanding the sector, understanding the history of a company, understanding a business with complex product or business model

Corporate access : analyst conferences, non-deal roadshows, etc.

Promote the company (the equity issuer) : even most outsiders understand the role research, especially senior analysts, plays in winning IPO deals for her investment bank, so there is no misconception here.

What Do Equity Salespeople Exist?

When I started in equity research, I wondered why salespeople existed on the trading floor. All they do is on the phone with clients every day, wine and dine with them, and schedule calls. What’s their value add? I argue equity sales is an absolutely essential feature of equity research.

Equity salespeople liaise between sell-side research analysts of their firm and external public equity investor clients. Equity salespeople add value in the following ways:

Amplifying : An investment firm with a decent trading budget gets emails from 30+ equity research firms every morning. Let’s face it – do you read all the free newsletters you get this morning? The buy-siders are also not reading most of the emails. That’s where equity sales come in: A salesperson will call a portfolio manager client to deliver a 30-second idea pitch in hopes of generating readership and arranging a call (for a fee) with the analyst who published the idea. Equity research is definitely not an “if you write it, they will read” profession.

Relationship cultivation : While some smaller hedge funds will never scale, some will become the next large fund. Sell-side analysts just don’t have the bandwidth to build intimate relationships with all the hedge funds out there. Salespeople fill that void by cultivating the relationship from the day one fund launch. Shocking fact: small funds want their existence to be acknowledged too. To whom do you think that small fund will allocate trades to when it scales?

Product-market fit : Investment management firms have widely divergent beliefs on how to make money in the stock market. This makes it hard to have a one-size-fits-all research product. Sell-side analysts are only motivated by a growing audience, but every client wants different things. Salespeople must exist to repackage research to appeal to different clients. A good salesperson takes good notes on their client’s specific needs: For example, Susan, PM at a deep value fund, likes mining and energy names and has a 3 to 9-month time horizon. Nick, the PM at a hyper-growth fund, likes disruptors in the consumer sector with hard catalysts. If a sell-side analyst pitched an idea that fits the filter, the salesperson will funnel the idea selectively to her clients, thus improving product-market fit and amplifying the effectiveness of the idea. As the salesperson interacts more with the same client, she only better understands the client’s needs, which enhances client relationships and should drive incremental trading volume and commission for her firm.

So equity salespeople are essential in the equity research value chain.

What is “II”?

If you have remotely contemplated pursuing investment research, you probably have heard of II rankings. II stands for  Institutional Investor , a magazine company that annually surveys public equity investors about their favorite Wall Street research analysts. The votes are aggregated and weighed by trading commissions to rank top analysts by sector.

Let us set the stage by reintroducing the players:

Buy-side:  Public equity investors – mutual funds, hedge funds, family offices, etc.

Sell-side:  Investment bank that houses the equity research function

Companies:  Businesses whose stocks are publicly traded

The most important thing to know:   Being II ranked does not mean an analyst is a good stock picker.  Hell, the sell-side equity research profession was not built under the premise of making money for clients.

However, being II-ranked does mean a research analyst is useful to the buy-side in some way, which includes:

Company management access

Channel checks

Industry knowledge

Fun client events

Knowledge of market flow

Making money (you should not be surprised how few choose this route)

How does II ranking matter to the constituents below?

Firms that pay trading commissions have a higher weight in a sell-side analyst’s II rating as II is a commission-weighted voting process.

The high trading commission generally means an investment firm buys and sells stocks very frequently, so sell-side analysts who want a ranking should prioritize adding value to the shorter-term funds that trade a lot (generally pod shops and single-manager hedge funds trade more frequently than mutual funds, long only).

Buy-side portfolio managers and analysts call a sell-side analyst that adds the most value to their investing process. Because II ranking is commission-weighed, being II ranked directionally is a reflection of likeability by hedge funds rather than by mutual funds.

Companies / Issuers

The companies care about the visibility of their stocks. Every company wants research coverage from II-ranked sell-side analysts because these analysts have higher visibility in front of equity investors who can be incremental buyers of the company’s stock.

Stock price going up (because of incremental buyers) is good for the company’s investors and the company management. Because of the prospect of better visibility, companies are more inclined to bring investment banking services to that II-ranked investment bank as the issuer will get a better price for secondary equity issuance.

Obviously, being II-ranked as a firm is good for branding, given the issuers value the benefit of going with an II-ranked investment bank for services. For the boutique research firms without investment banking services who rely on selling report subscriptions, they don’t care about II as much.

So, the research people at firms with investment banking services care about getting votes because their job security and bonus depend on it

That is all you need to know about II. 

Does working for an II-ranked sell-side analyst matter? You will hate this answer – it depends on your goal:

Become a sell-side senior analyst:  You should work for an II-ranked analyst to learn how to get ranked.

Work at a long-term investment firm:  It does not matter because you want to work for a sell-side analyst who has deep industry knowledge and can pick long-term winners, but their value-add doesn’t mean getting votes from shorter-term trading clients, who have a bigger say in II votings. 

Work at a short-term trading firm:  It matters because you learn how to add value in the areas of calling quarters accurately and develop good contacts for channel checks. You will also get access to clients you want to work for because they respect your analyst.

Work at a covered company:  It could matter if your analyst has strong access to company C-suites and can place you in an unpublicized, high-profile corporate role. She can just make a phone call for you; provided you have built enough goodwill and the relationship is good.

Check out my other published articles:

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Buy-Side vs. Sell-Side Analysts: What’s the Difference?

Buy-Side vs. Sell-Side Analysts: An Overview

Much has been made of the “Wall Street analyst,” as though it were a uniform job description. In reality, there are significant differences between buy-side and sell-side analysts.

True, both spend much of their day researching companies and industries in an effort to handicap the winners or losers. On many fundamental levels, however, the jobs are quite different.

Key Takeaways

• When the system functions as it should, both buy-side and sell-side analysts are valuable.
• Smart buy-siders make a point of quickly figuring out who they can trust and rely on in the sell-side community.
• Dedicated sell-side analysts can typically dive deeper than buy-side analysts and really learn the ins and outs of an industry.
• Sell-side analysts typically work for brokerages, while buy-side analysts work for funds.

Sell-Side Analysts

If you have ever watched a financial news program, you have probably heard the reporter reference “analysts.” These analysts are typically sell-side analysts and are believed to provide an unbiased opinion based on proprietary research of a company’s securities. 

Simply put, the job of a sell-side research analyst is to follow a list of companies, all typically in the same industry, and provide regular research reports to the firm’s clients. As part of that process, the analyst will typically build models to project the firm’s financial results, as well as speak with customers, suppliers, competitors, and other sources with knowledge of the industry.

From the public’s standpoint, the ultimate outcome of the analyst’s work is a research report, a set of financial estimates, a price target, and a recommendation as to the stock’s expected performance. The estimates derived from the models of several sell-side analysts can be averaged together to come up with a single expectation called the  consensus estimate .

Stocks may move, in the short term, based either on an analyst upgrade or downgrade or on whether they beat or miss expectations during earnings season. Typically, if a company beats the consensus estimate, then its stock price will rise, while the opposite occurs if a company misses the estimate. However, this is not always the case.

Occasionally, sell-side analysts fail to revise their estimates, but their expectations do change. Sometimes financial news will refer to a whisper number , which is an estimate that is different from the consensus estimate. This whisper number becomes the newest, although unwritten, consensus expectation.

When an analyst initiates coverage on a company, they usually assign a rating in the form of buy , sell , or hold . This rating is a signal to the investment community, portraying how the analyst believes the stock price will move in a given time frame. The rating can sometimes be a reflection of the expected stock movement and not a reflection of how the analyst feels that the company will perform.

In practice, the job of a sell-side analyst is to convince institutional accounts to direct their trading through the trading desk of the analyst’s firm—making the job very much about marketing. To capture trading revenue, the analyst must be seen by the buy side as providing valuable services. Information is clearly valuable, and some analysts will constantly hunt for new information or proprietary angles on the industry. Since nobody cares about the third iteration of the same story, there is a tremendous amount of pressure to be the first to the client with new and different information.

Of course, that is not the only way to stand out with clients. Institutional investors value one-on-one meetings with company management and will reward those analysts who arrange those meetings. On a very cynical level, there are times when the job of a sell-side analyst is much like that of a high-priced travel agent.

Complicating matters is the fact that companies will often restrict access to management by those analysts who do not toe their line, placing analysts in the uncomfortable position of giving Wall Street useful news and opinions (which may be negative) and maintaining cordial relations with company management. Investment banking  is a huge source of profit for banks, and if an analyst makes a negative recommendation, then the investment banking side of the business may lose that client.

Analysts also seek to create expert networks that they can rely on for a constant stream of information; after all, it stands to reason that a deeper understanding of a market or product will allow for differentiated calls.

Much of this information is digested and analyzed—it never actually reaches the public page—and cautious investors might not necessarily assume that an analyst’s printed word is their real feeling for a company. Rather, it is in the private conversations with the buy side (conversations that occupy much of an analyst’s day) where the real truth is imagined to come out.

Buy-Side Analysts

In contrast to the sell-side analyst position, the job of a buy-side analyst is much more about being right; benefiting the fund with high-alpha ideas is crucial, as is avoiding major mistakes. Avoiding the negative is often a key part of the buy-side analyst’s job, and many pursue their job from the mindset of figuring out what can go wrong with an idea.

On a day-to-day basis, the jobs do not look all that different. Buy-side analysts will read the news (though more of it is from sell-side analysts than the sell-side analyst would read), track down information, build models, and otherwise go about the business of trying to deepen their knowledge on their area of responsibility—all with an eye toward making the best stock recommendations.

Though the largest institutions will have their analysts allocated similarly to sell-side analysts, buy-side analysts generally have broader coverage responsibilities. It is not uncommon for funds to have analysts covering the technology sector or industrials sector, whereas most sell-side firms would have several analysts covering particular industries within those sectors (software, semiconductors, etc.).

Whereas many sell-side analysts try to spend much of their time finding the best sources of information about their sector, many buy-side analysts spend that time trying to sort out the most useful sell-side analysts. That is not to say that many buy-side analysts do not do their own proprietary research (the good ones always do); it just means there is significant value to a buy-side analyst in developing a list of the go-to analysts in their space. 

Buy-side firms do not usually pay for or buy the sell-side research outright, but they are often indirectly responsible for a sell-side analyst’s compensation. Usually, the buy-side firm pays  soft dollars  to the sell-side firm, which is a roundabout way of paying for the research.  Soft dollars can be thought of as extra money paid when trades are made through the sell-side firms.

In essence, the sell-side analysts’ research directs the buy-side firm to make trades through their trading department, creating profit for the sell-side firm. Additionally, buy-side analysts often have some say in how trades are directed by their firm, and that is quite often a key component of sell-side analyst compensation.

Key Differences

Although both sell-side and buy-side analysts are charged with following and assessing stocks, there are many differences between the two jobs.

On the compensation front, sell-side analysts often make more, but there is a wide range, and buy-side analysts at successful funds (particularly hedge funds ) can do much better. Working conditions arguably tilt in favor of buy-side analysts; sell-side analysts are frequently on the road and often work longer hours, though buy-side analysis is arguably a higher-pressure job.

As the job descriptions might suggest, there are significant differences in what these analysts are really paid to do. Speaking realistically, sell-side analysts are paid largely for information flow and to access management (and/or high-quality information sources). Compensation for buy-side analysts is much more dependent upon the quality of recommendations that the analyst makes and the overall success of the fund(s).

The two jobs also differ in the role that accuracy plays. Contrary to what many investors expect, good models and financial estimates have less weight to the role of a sell-side analyst but can be critical for the buy-side analyst. Likewise, price targets and buy/sell/hold calls are not nearly as important to sell-side analysts as some financial media might seem to think. In fact, analysts can be below average when it comes to modeling or stock picks but still do all right as long as they provide useful information.

On the other hand, a buy-side analyst usually cannot afford to be wrong often, or at least not to a degree that significantly affects the fund’s relative performance.

Buy-side and sell-side analysts also have to abide by different rules and standards. Likewise, buy-side analysts typically enjoy less restrictive rules on share ownership, disclosures, and outside employment, at least as far as regulators are concerned (individual employers have different rules concerning these practices).

What type of firms hire buy-side and sell-side analysts?

Buy-side analysts work for firms that manage money, such as hedge funds and private equity groups. In contrast, sell-side analysts work for institutions that sell financial products, such as investment banks and brokerages . Over their career, financial analysts may switch between the buy side and the sell side as they develop contacts and areas of expertise.

How does research differ between buy-side and sell-side analysts?

Sell-side analysts typically perform detailed research of specific industries or sectors that buy-side analysts may use as part of their broader research to make investment decision recommendations. Sell-side analysts often start their research by talking to individuals or companies in the industries that they cover, while buy-side analysts usually commence their research by developing a list of go-to sell-side analysts.

Why is it important for buy-side analysts to provide more accurate information than sell-side analysts?

Buy-side analysts need to provide more accurate information than their sell-side counterparts because their fund’s performance directly relates to the quality of research undertaken. Inaccurate information could result in a decline in relative performance compared to other funds, leading to investor withdrawals.

How does compensation vary between buy-side and sell-side analysts?

Buy-side analysts receive compensation based on the quality of their recommendations. Sell-side analysts are compensated for the quality of information that they provide. Buy-side analysts may receive a bonus if their recommendations help a fund achieve superior returns. Sell-side analysts may receive a commission on the revenue that their research generates.

The Bottom Line

The main differences between buy-side and sell-side analysts relate to the type of research they undertake. Buy-side analysts conduct broad research that often uses information from trusted sell-side analysts to make investment recommendations. By comparison, sell-side analysts research specific industries or sectors to generate sales of financial products.

Buy-side analysts usually work for hedge funds, pension funds , or private equity groups and receive compensation based on the accuracy of their investment recommendations. In contrast, sell-side analysts typically work for investment banks or brokerages and are compensated on the quality of their research and how much revenue it generates.

ZipRecruiter. “ Sell Side Analyst Salary .”

ZipRecruiter. “ Buy Side Research Analyst Salary .”

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