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Three Step Approach to Social Media for Investor Relations

By Dennis Walsh, Vice President

I recently moderated a webinar hosted by NIRI on social media strategies for investor relations. On the panel with me were David Jackson, CEO, Seeking Alpha; RJ Jones, Investor Relations Officer, Zillow; and Andrew Shapiro, Founder, President and Portfolio Manager, Lawndale Capital Management.

The discussion made clear that professional investors are using social media - activists included. In addition, all public companies should have a social media strategy, even if the objective is just to monitor the online conversation.

If you are in charge of managing your company’s investor relations program, you might be wondering how to get started developing your social media strategy. Try following this three step approach:

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IR Program Planning, Reg FD, Shareholder Activism, Disclosure Policy, Shareholder Communications, Social Media, Investor Relations, Monitoring, Activist Investors

How Investor Relations Can Support the Buy Side’s Investment Process

By Dennis Walsh, Vice President

“Buy-side analysts truly value a company with a responsive investor relations program led by an informed IRO,” shares John Barr, Co-Manager of the Needham Growth Fund (NEEGX) and Manager of the Needham Aggressive Growth Fund (NEAGX).

Most strategic investor relations programs aim to increase institutional ownership with new long-term shareholders. But anyone who has ever worked in IR knows this is often easier said than done. Targeting quality potential investors and conducting outreach can be a major undertaking. Understanding the buy-side’s investment process for identifying long-term holdings is essential to your success. So what are the key elements of a typical buy-side’s stock picking process? At Needham, Barr’s research team sources ideas from a number of methods, including quantitative screens based on various financial metrics, reading trade publications, and talking to people such as buy-side colleagues. Barr says, “If your stock happens to be on our idea list and you call looking for a meeting then we’ll do it. If it’s not on our list, it’s unlikely that we will take a meeting.”

How can IR contribute? Needham analysts like to conduct their own research – it gives them an opportunity to develop their own point of view – so being undercovered by the sell-side is not always a negative. If your company is being considered as a new investment idea for a firm like Needham, a best-in-class IR program can support the due diligence process from start to finish. Consider these insider tips from Barr to help IROs better support the buy-side’s investment process.

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IR Program Planning, Corporate Access, Targeting, Investor Meetings, Non-deal Roadshow, Buy-Side, Needham, Roadshow Planning, Investor Relations

Shareholder on a Shelf: An Earnings Tradition

By Dennis Walsh, Vice President

The Shareholder on a Shelf is a new tradition that has become the holiday gift of choice for IROs to their executive management teams. The story of the Shareholder on a Shelf is as follows:

“Have you ever wondered how the SEC could know;
If you’re naughty or nice in making your reported revenues and margins grow;
For 79 years it’s been a big secret;
Which now can be shared, if you promise to keep it.

At reporting time the SEC sends me to you;
I sit in the shadows to watch and report on all that you do;
My job is an assignment from Ms. Mary Jo White herself;
I am her helper, a friendly scout shareholder that sits on a shelf.

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Holiday, Investor Relations Blog, Reg FD, Sharon Merrill Associates, Investor Relations Agency, Guidance, IRO, Shareholder Communications, Earnings Call, Investor Relations, Earnings, Investor Relations Firm, Activist Investors

Sell-Side Coverage – A Small Cap’s White Whale?

By Dennis Walsh, Vice President

I recently was interviewed for an article for IR Magazine titled, “Sell-Side Analysts: The Many and the Few.” The article discussed how some companies manage a full roster of covering sell-siders, while others struggle to maintain or attract just a few. In today’s market, it seems more common that IROs are in the latter situation and are frustrated by the limited return on their efforts to attract coverage.

There are many factors that contribute to the lack of adequate sell-side coverage, and all of these factors relate to the sell-side’s inability to make money by working with a particular company. Low trading volume plagues companies vying for attention from both the buy- and sell-side. The buy-side avoids low-volume stocks because they cannot easily get out of the stock, and the sell-side won’t cover a stock because the lack of buy-side interest limits their ability to generate trading commissions. It’s a vicious cycle. In addition, the lack of investment banking business may create a barrier to coverage. The bottom line is that the bank needs to make money in some way from the research coverage since they are not being compensated from the buy-side in hard dollars.

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IR Program Planning, Corporate Access, Sell-side Research, Targeting, Investor Relations Agency, Buy-Side, Sell-side Coverage, Investor Conference, Roadshow Planning, Small-cap IR, Investor Relations

Time to Revamp the Quarterly Earnings Call?

By Dennis Walsh, Vice President & Director of Social Media

And the Award for Best Quarterly Earnings Results Conference Call goes to….

Giving awards to recognize production of an earnings call may be a little premature, but several companies are spicing up what is generally considered an uneventful quarterly ritual by the investment community. It is encouraging to see companies embracing the use of new technologies and social media for investor relations. Before you follow their lead, we can’t forget what is truly important to our key stakeholders about the process: transparency and access to management.

So what is all the fuss about?

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IR Program Planning, Conference Calls, Earnings Call, Social Media, Investor Relations, Socialize IR, Earnings

The Greatest Social Media for Investor Relations Panel Ever*

By Dennis Walsh, Vice President & Director of Social Media

*Okay, so I may be biased since I was the moderator, but this panel session at the NIRI’s 2013 Annual Conference had all the elements necessary to help IR professionals develop a strategy for using social media for IR.

Attendees heard from David Urban, Director of IR at Johnson Controls; RJ Jones, IRO at Zillow; Broc Romanek, editor at TheCorporateCounsel.net; Chris DeMuth, portfolio manager at Rangeley Capital; and Sheryl Joyce VP Marketing & Communications at Q4 Websystems.


The key take away from the panel was that IR professionals should take control of or insert themselves into their company’s social media strategy. Since marketing and PR departments typically "own" social media, the challenge for IR departments is twofold: 1) ensure that all activity is compliant with public company regulations, and 2) ensure the messaging is consistent with the overall IR strategy.

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IR Program Planning, Disclosure, Reg FD, Strategic Messaging, Investor Relations Agency, IR Website, NIRI, Disclosure Policy, IRO, Speaking Engagements, Earnings Call, Social Media, Investor Relations, Investor Relations Firm, Activist Investors

SEC Gives Social Media for IR Its Blessing

By Dennis Walsh, Vice President & Director of Social Media

The SEC finally has provided guidance on the use of social media for investor relations. The guidance came in a report on its investigation to determine whether Netflix CEO Reed Hasting had violated Reg FD. In a Facebook status update on his personal account, Hastings said Netflix had streamed 1 billion hours of content in June 2012, calling into question whether the post was selective disclosure of material information.

In its report, the SEC clarified that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Reg FD. It’s the moment we’ve all been waiting for, but with some key caveats.

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IR Program Planning, Reg FD, Investor Relations Agency, SEC, IR Website, Disclosure Policy, Shareholder Communications, Earnings Call, Social Media, Small-cap IR, Investor Relations, Socialize IR, Earnings, Investor Relations Firm

What’s In/What’s Out for Investor Relations in 2013

By Jim Buckley
We have once again laid out a tongue-in-cheek roadmap of what’s in and what’s out in investor relations, and more, for the upcoming year. Hope you enjoy, and have a happy and successful 2013.

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Social Media for Investor Relations for the Marketing/PR Professional

By Dennis Walsh, Senior Consultant & Director of Social Media

It’s that time of year again: Back to School! For my first job out of college I worked as an educator. This year, for “Back to School” season, I thought I’d step back into my teaching shoes. The following is a quick lesson on social media for investor relations for the marketing and public relations professional.

Technology is constantly changing the way we engage with our audience, so professional communicators must never stop learning new techniques. As a seasoned marketing or public relations professional, you’ve likely got social media covered. But how fluent are you in investor relations best practices? If you work for a public company, you might want to rethink your social media engagement strategy.

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IR Program Planning, Reg FD, Crisis Communications, Public Relations, Disclosure Policy, IRO, Shareholder Communications, Social Media, Investor Relations, Socialize IR, Earnings, Investor Relations Firm

Confronting the Quarterly Quiet Period Dilemma

By Jim Buckley

One of the investor relations issues that companies often struggle with is the “quiet period.” Here I’m not talking about the SEC mandated quiet period related to IPOs, other public offerings or around the release of lock-up agreements. Those all have defined legal parameters and lines drawn around what companies can and can’t do. I’m referring to the quarterly quiet period – where individual companies determine if, when and how they want to stop talking to the investment community as they approach the end of the quarter.

The quarterly quiet period is one of those gray areas that investor relations is famous for, and there is certainly no one-size-fits-all approach for companies. The fundamental principle behind the quarterly quiet period (or QQP) is straightforward. At some point around quarter end, management has knowledge of the company’s quarterly performance. So investors start calling in the last two weeks of every quarter and asking “How are things going?” They want to get a read on upcoming results through tone and demeanor. As a result, over time, companies began to institute a quiet period with the Street to avoid taking these calls. Makes sense, right? But how does each company handle its QQP? That’s where things start to get a little fuzzy.

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IR Program Planning, Disclosure, Reg FD, Conference Calls, Investor Meetings, SEC, Guidance, Disclosure Policy, IRO, Earnings Call, Investor Relations, Earnings

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