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Deviant Alpha

My day job is at an advanced natural language processing company. Investment is a new hobby for me. I have a strong belief that there is lot of free open web data available that can and should be leveraged in new and insightful ways to seek alpha. I hope to share my findings to more financially... More

A gaggle of analysts 0 comments

Jul 30, 2009 03:00 AM | about stocks: URBN, BRCM, ANF, M, MCD, PFCB, ARO, DHI, DAL, BA, BIDU, CNI, TXN, YHOO, ACAS, ENDP, GOOG, KWK, SYK

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Recently I had a data itch to find out generally how many analysts attend a earnings coneference calls? What does the distribution looks like? Which are the stocks that have the most analysts covering them?

Thanks to Seeking Alpha's transcripts on open web, the data was out there and just needed to be aggergated.

I checked some 15k conference call transcripts from Seeking Alpha from Jun 30th 2009 to some time in 2007 and aggregated the number of analysts attending each of the earnings conference call. Following is what the distribution looks like.

The big fat belly of the curve is at roughly 7 analysts in a conference call. I am pretty sure there is some dependency on number of analysts to institutional interest in the stock and also market cap and would be interesting to normalize by that.

But even in this raw data there are a few companies which have more than 18-20 analysts listening in.

Here is a list of call transcripts in last few months that have unusually high number of analysts.

Transcripts	Number of Analysts:
Urban Outfitters, Inc. (URBN)	25
NetApp, Inc. (NTAP)	23
Broadcom Corporation (BRCM)	22
Abercrombie & Fitch Co. (ANF)	21
Macy’s, Inc. (M)	21
McDonald's Corporation (MCD)	21
MEMC Electronic Materials Inc. (WFR)	21
P.F. Chang’s China Bistro (PFCB)	21
Aeropostale Inc. (ARO)	20
Broadcom Corporation (BRCM)	20
D.R. Horton Inc. (DHI	20
Delta Air Lines, Inc. (DAL)	20
The Boeing Company (BA)	20
Baidu, Inc. (BIDU)	19
Freeport-McMoRan Copper & Gold Inc. (CNI)	19
McDonalds Corp. (MCD)	19
Texas Instrument (TXN)	19
Yahoo! Inc. (YHOO)	19
American Capital Ltd. (ACAS)	18
Endo Pharmaceuticals Holdings Inc. (ENDP)	18
Google Inc. (GOOG)	18
Google Inc. (GOOG)	18
Quicksilver Resources Inc. (KWK)	18
Stryker Corp. (SYK)	18
The Boeing Company (BA)	18
Abercrombie & Fitch Co. (ANF)	17

I don't know what the correlation of future stock performance to how many analsyts are listening in or to the delta of number of analysts from last call. Would love to hear what you think.

Disclosure: Long GOOG

Stocks: URBN, BRCM, ANF, M, MCD, PFCB, ARO, DHI, DAL, BA, BIDU, CNI, TXN, YHOO, ACAS, ENDP, GOOG, KWK, SYK

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