In June 2009, NASDAQ OMX and Morningstar entered into an exclusive agreement for Morningstar to provide basic equity research profile reports on all NASDAQ-listed companies. Now, qualified companies have the option to contract with NASDAQ OMX for a full Morningstar analyst research report.
Bruce Aust, executive vice president of NASDAQ OMX, said: “For the past six months we’ve been providing our listed companies with basic profile reports from Morningstar, and we’ve received a great response. The profile reports have helped fill a void for under-covered companies.
“Based on customer demand and industry dynamics, we want to offer full Morningstar analyst research reports. This second phase of our collaboration with Morningstar reinforces our ongoing commitment to providing investors and issuers with transparency, valuable services and access to important market information.”
Catherine Odelbo, president of equity research at Morningstar, said: “Many companies, particularly small- and mid-cap firms, have seen their research coverage shrink or disappear altogether. This information gap makes it challenging for investors to conduct timely due diligence.
“NASDAQ OMX selected Morningstar because of our analyst expertise and our track record of providing objective, credible, and comprehensive research across industry groups. By working with NASDAQ OMX, we can fulfill our mission of helping investors and NASDAQ OMX can broaden its offerings and fill a need in the market for research on under-covered companies.”
Diana Purcel, CEO of Famous Dave’s of America, said: “Solid independent research is critical to a company’s ability to attract and retain investors, improve liquidity in trading, and lower a company’s cost of capital. We believe that NASDAQ’s innovative approach in offering Morningstar research will help accomplish these goals.”
