The New York Post reports that Maryland-based UpTick Data Technologies has developed a program which may result in the role of Wall Street analyst being made redundant.
UpTick's program is apparently already being used by Thomson Financial and Fidelity and the company has big plans for the future. Bill Chambers, the company president, has said: 'Our philosophy is that people reading reports can't always pull out the information......so we make it in readable text'.
Although there are no plans that the program will replace the traditional bank analyst in the foreseeable future, there is no doubt that the idea could catch on. Computer programs don't demand big bonuses, can't be influenced by investment bankers and probably won't give the same stock three different ratings in just a matter of hours as Merrill Lynch did with Merck last week.