Pfizer Inc. (NYSE: PFE)
“I’m a Surveillance guy from many years past and I understand there are limits to “market intelligence.” What prompted us to add Market Structure Analytics in the Pfizer IR department is the focus on behaviors in addition to “who’s buying and selling?” We want to track market activity the way institutions actually behave today. Buy-and-hold money buys and holds, and traders trade and asset-allocators continually shift and rebalance, and everybody hedges. Market Structure Analytics reflect these realities and help us consistently monitor the effects of all these factors in our market on a timely and affordable basis.”
ALLERGAN (NYSE: AGN)
The analysis that we receive from Modern IR provides a unique perspective on the trading of our shares. We’ve experienced a lot of activity over the past couple of years and I find the analysis very useful and quite accurate as to the forward trends. They also offer consistent high levels of service which makes it easy to ask questions and get the answers you need in real time.
EMC (NYSE: EMC)
“EMC has used ModernIR’s market-structure analytics for several years now. Trading activity is complex today, reflecting price-setting forces with varying purposes and time horizons. We want to know more about what’s setting price, what risks exist, how our shares are being used by different trading behaviors, and what sellside firms and trading desks are most influential in driving various behaviors. With the weekly updates and other information, we are able to better understand the ongoing changes in market structure and the dynamics that are constantly buffeting our stock price.”
Seagate Technology PLC (NASDAQ: STX)
“I’ve used ModernIR’s market-structure analytics at EMC, McAfee/Intel and now Seagate. Knowing what forces are behind my price and volume and what that tells me about our messaging, the overall health of our equity, and what I should expect next, is indispensable. I think it’s essential that IR professionals develop a core understanding of market structure today. It’s just reality.”
FIVE PRIME THERAPEUTICS (NASDAQ: FPRX)
While at my previous company, KYTHERA Biopharmaceuticals, we brought in the ModernIR team to help provide their unique insights on our trading. They were able to consistently parse through a huge amount of trading data to give us high-quality answers regarding the shifting demographics of our equity marketplace, even through the process of our acquisition by Allergan. Possessing that sort of information, we knew in almost real-time exactly how investors and arbitragers were responding. To me, that kind of information is invaluable… so much so that I brought ModernIR with me to my new company. Moreover, beyond their data analytics, ModernIR consistently provides a high-touch, customer friendly service that is invaluable in not only providing quantitative data, but also qualitative insights that help us connect the dots on what’s really going on. Their grasp of market structure and their ability to translate these insights into actionable recommendations make them a trusted and valuable resource.
RE/MAX (NYSE: RMAX)
Modern IR provides an excellent quantitative view of the different types of trading in our stock; it’s helpful to see where the money is coming from and what type of investors are driving our stock movements. The gauge on rational price is critical to understand how thoughtful investors are viewing the value of our company, and what steps we as IR professionals need to take in order to increase or improve the perception with certain investors.
WHIRLPOOL (NYSE: WHR)
We found ModernIR insight into trading and market structure to be very valuable in our stock surveillance efforts. Our stock tends to be very volatile and ModernIR brought a much better view into quant-driven trading in addition to more traditional active investor tracking. The team is responsive to ad hoc requests and we leverage their analysis in quarterly management updates. Well worth the subscription!
SNAP-ON (NYSE: SNA)
Recently, I gave a presentation to our leadership team (about two hundred managers). The general theme was “Equity Markets.” I discussed the dramatic changes that markets have undergone the past 15-20 years, the behaviors behind our price and volume, and the reasons that IR remains an important function given the unprecedented levels of competition for mind share in today’s markets. The presentation was very well received. Several attendees commented to me about how much they learned, particularly about the gap that existed between their perception of the markets and reality. This success wouldn’t have been possible without our partnership with ModernIR overall and your assistance in preparation for the presentation specifically. Thank you very much!
TENNECO (NYSE: TEN)
Markets have changed dramatically over the past decade or so. At Tenneco, we believe that investor relations needs to evolve to keep pace. But how is that possible when equity trading is dominated by derivatives activity and high frequency trading? Our answer is ModernIR. Using Market Structure Analytics, the team at ModernIR is able to analyze our trading activity and provide a timely assessment of the behaviors behind our price action. We know in short order whether a price movement was in fact driven by active investors, or whether our shares were pulled along by indexer activity or were caught up in a trading scheme. That, in turn, gives us insight into one of the most elusive IR metrics … investors’ view on fair value.
Steelcase (NYSE: SCS)
“I first considered Market Structure Analytics because I felt that I was sharing incomplete and only surface level analytics with the Board and senior management regarding the trading behavior of our stock. Market Structure Analytics has been instrumental in helping evolve internal perceptions of how the market works and how we should think about the ‘market price of the stock’ and the ‘rational price’. We now incorporate behavioral views of market activity into our quarterly Board reports, providing a better context for fair value. We also consistently monitor active and passive investment behaviors and how speculative trading and perceptions of risk can have significant impact on stock-value. The result is a better informed Board and management team on our stock’s health and drivers. The entire team at ModernIR is knowledgeable, well-connected and always responsive. Having them as a back-stop gives me increased confidence in understanding the capital markets and our stock’s trading behavior.”
Carbonite (NASDAQ: CARB)
“My management takes seriously the responsibility we have to our holders to understand and manage the equity market for CARB shares to the very best of our ability. Core to that effort is tracking consistent measures of what’s driving it. Market Structure Analytics is an important part of that process, helping me see the behavior of active investors, traders, asset-allocators and risk managers and to interpret what changes to each mean for CARB specifically and the broader market.”
H&R Block (NYSE: HRB)
“ModernIR is a tremendous help to us in sorting through the noise in the market to understand what’s really happening. During the four years we’ve worked with ModernIR, we’ve encountered several challenges as an IR team, including management turnover, sale of subsidiaries, and repositioning the investment thesis. With each challenge, ModernIR helped us understand the market’s response in proper context — not just how thoughtful investment dollars react, but how speculators and high-frequency traders are influencing our valuation. We know how to adjust our focus based on what behaviors are dominating our trading activity.”
Jason L. Thompson
Ashland Inc. (NYSE: ASH)
“ModernIR helps me measure how investors respond to news and outreach. We have an active IR program and we want to analyze and understand trends more quickly than 13F filings or more typical surveillance offerings may allow. What’s more, having an analytical and quantitative understanding of our share activity helps in our targeting efforts so that we achieve the optimal price for our shares.”
Open Text Corporation (NASDAQ: OTEX)
“Market Structure Analytics is a valued source of information for us. It sheds light on what behavior drives price, what kind of investor is most likely to respond well to relationship-building, and what threats or opportunities are apparent in market sentiment.”
Hess Corp (NYSE: HES)
“I use Market Structure Analytics to track changes in how institutional investors manage risk or leverage positions with swaps and other forms of hedges, and to help me understand when passive investors – indexes and ETFs – are rotating into or out of Hess stock. These are parts of the demographic mix setting our stock price and by distinguishing them from fundamental investors, I have a better sense of fair value and can set realistic internal expectations of where our stock should be trading.”
IRO Midcap Healthcare Technology Company
“Modern IR has taken me on a journey of discovery into the complexities of trading today. The thoughtful analysis Tim Quast provides has opened my eyes to a world of knowledge that is increasingly important to possess as an IR practitioner. I now have a much better understanding of what’s substantive and what’s noise when it comes to my company’s trading activity. This allows me to offer more insight to my management team and to communicate more effectively with Wall Street.”
Macquarie Infrastructure (NYSE: MIC)
“ModernIR has helped distill large volumes of trading data into concise commentary on stock price performance for my Board and Management team, and actionable marketing ideas for me.”