All publicly traded companies should report important information during market hours.

All publicly traded companies should report important information during market hours.

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Michael Schano started this petition to Chairman of Securities Exchange Commis William “Jay” Clayton

Question: Have you ever tried to buy a stock at a low price thinking it will go up in value because your research or your investing service or your advisor indicates that “positive news” from the company may be coming soon? Only to find out that the company reported their “good news” after 4:00PM EST when the market closed and now your stock price has already gone up 5%, 10%, or maybe 20%?

Just what you wanted to have happen BUT YOU MISSED IT because the company reported “after hours” and you can’t buy stocks after the stock market is closed.

Likewise, when a company reports bad news after 4PM, it can cause a stock price to drop and an investor would not have a fair chance to sell the stock until after the stock price dropped and by the time the stock market opens for business at 9:30AM the next day.

This is just plain wrong and would be illegal if we can get the rules changed. It is certainly not in the best interests of American citizens who, as individual investors, are trying to save for retirement or their child’s college education.

So I have written a petition to the Chairman of the Securities Exchange Commission to get the rules changed and I need your signature and then I request that you forward this to at least 10 people and that they forward it to 10 people, etc.

We need to stop getting ripped off by the big investors who are trading after market hours; this is an unfair advantage to the rest of us.

See the link below to add your name to the petition and forward it to as many people as possible; this problem has been going on since the stock market began over 100 years ago and it is time it stopped.

https://www.change.org/HelpMakeInvestingBetterForEveryone_DoNot_LetPublicUS-StockCompaniesReportBeforeOrAfterMarketHours

Specifically, this petition requests that all public companies listed on any U.S. stock exchange, particularly U.S. companies, be required to ONLY release materially important company related information DURING U.S. stock market hours of 9:30AM to 4:00PM EST; this would include but is not limited to: earnings reports, quarterly reports, and positive or negative news releases unless otherwise warranted for emergency informational purposes.

Case in point, this past Monday, May 4, 2020:

A public company that provides software for online learning reported their Quarterly Earnings report at 4:30PM on Monday after the market had closed and their stock was at $43.79.
During and after their earnings report to analysts and institutional stock owners, their stock price began to increase and ultimately rose to about $54, that’s a 25% increase...and that ended up being the opening price at 9:30 AM on Tuesday. So, it went up 25% over night when none of us could buy it! Then during the stock market hours on Tuesday, it went up even more to about $60 and finally closed at $57.92 another increase of about 7%.

Which gain would you rather have?
Better yet, why not have both gains or at least a “fighting chance” to have both?

This is what this petition is about and it is the right thing to do for every investor.

Sign here and forward to 10 more people; we can get this changed!

https://www.change.org/HelpMakeInvestingBetterForEveryone_DoNot_LetPublicUS-StockCompaniesReportBeforeOrAfterMarketHours

The sad part in all this is that it gets worse...there are obvious “signs” that other people (stock traders) knew how good the company’s earnings report was going to be 2 days before the company reported because of the outrageous spike in stock options being purchased on Friday May 1, 2020 in anticipation that the stock price was going to go to $50 from about $43 and that’s exactly what happened. How could that happen? 

This leads me to believe that someone or some people had inside information that “good news” would be coming from the company in their after hours report and they passed it along to help their “friends” who placed stock or options orders....AND THAT IS ILLEGAL.

Wouldn’t it be great if we all could do that?

Since we all can’t do that, it simply means that this needs to be stopped and the rules need to be changed to enforce all companies to disclose their “important stock price moving news and reports”...DURING MARKET HOURS.

Why doesn’t the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Agency (FINRA) and the Federal Bureau of Investigation (FBI) look into something like this?
Good question! I hope they do after seeing this petition. 

As stated on the website bio for Chairman of the Securities Exchange Commission (SEC), William “Jay” Clayton, III as follows:

“There are several areas of focus for the SEC under Chairman Clayton. 

1) Furthering the interests of America’s Main Street investors—long a priority of the SEC staff. 
2) Updating and enhancing the regulation and oversight of our equity and fixed income markets, taking into account advances in technology and increased interconnectedness. 
3) Making our capital markets, particularly our public capital markets, more accessible to businesses and investors...”

It is under the guise of the SEC’s own statements and goals as indicated above and in my current line of work as a fiduciary for my clients as their investment advisor that I highly recommend the SEC and any other needed governmental agencies, begin requiring all publicly traded companies to ONLY release materially important earnings and other reports DURING open market hours and NOT in the currently perverse method of before or after market hours.

Requiring all companies to report their important information to be released during stock market trading hours will benefit American citizens by creating a more “levelized” playing field for all investors.  

This way, we all have an equal chance to buy stocks for a profit or sell stocks to avoid losses while they are going up or down, respectively, and participate in the “real stock market” the way it was meant to be.

How does that sound?

Just sign the petition at this link and forward to 10 more people. This can be changed and needs to be changed as soon as possible.

https://www.change.org/HelpMakeInvestingBetterForEveryone_DoNot_LetPublicUS-StockCompaniesReportBeforeOrAfterMarketHours

Yours in investing,

Mike Schano
Chartered Financial Consultant
Advocate for Investors

 

0 have signed. Let’s get to 200!
At 200 signatures, this petition is more likely to be featured in recommendations!