Analyst Downgrades Amazon and Apple In Move to Teach Wall St New Word: Unethical
One analyst blacklisted several companies on Monday, citing a reason not often (or possibly ever) heard on Wall Street—moral and ethical grounds.
In the report, Ronnie Moas, Standpoint Research's founder and director of research, downgraded Apple stock from a "hold" to a "sell," reiterated a "sell" recommendation for Amazon.com shares and initiated Philip Morris stock with a "sell" rating.
For Apple Computers to pay their workers $2 an hour while they have $150 billion in the bank is nothing short of obscene. I heard all of the arguments in their defense and they make no sense to me," wrote Moas in the note.
Thomson Reuters StarMine, which tracks and ranks analysts' performance, has no record of Moas' recommendations on Apple. According to published reports, he downgraded the stock in August from "buy" on valuation concerns.
While Moas said there are dozens (if not hundreds) of companies he would like to blacklist, he singled out just three in the report, noting that he planned to speak his mind even if it resulted in the destruction of his business.
"Philip Morris has the black lungs and blood of 500,000,000 people on their hands," he wrote, acknowledging that his email was controversial and would upset many.
"I recently read something about Amazon and how much pressure is on their employees … and at the same time Jeff Bezos with his obscene net worth of $27 bln was on his yacht in the Galapagos Islands. $27 bln and this man is not treating his workers fairly? It boggles the mind," Moas wrote.
bashing Apple because, get this, it is profitable.
"For Apple Computers to pay their workers $2 an hour while they have $150 billion in the bank is nothing short of obscene. They have workers who are doing back-breaking and eye-burning work in depressed states of mind and in many instances have already committed suicide. Instead of treating their employees like human beings, they are treated like animals. If it were not for their employees, Apple would not be where it is today. But instead of giving these people a better life, they give these people the bare minimum and defend this action with the argument that the wage is higher than the average there and in-line with what their competitors are paying."
Uhm, because it's "unfair?" In other words, after looking under every nook and cranny, Standpoint "Research" finally discovered capitalism. Congratulations.
just the way it is, buy next time downgraded