Janney drops casinos, cuts energy, adds bond bankers
This year's research shift at Phila. broker's Wall St. offices
Janney Montgomery Scott, the Philadelphia investment bank which helped finance Atlantic City's 1980s casino boom, and famously fired analyst Marv Roffman in a bungled attempt to prevent Roffman's manic pessimism about Donald Trump's questionable solvency from annoying that soon-to-be-bankrupt Janney client, has dropped coverage of its last 9 gambling stocks, including the Wynn, MGM and Penn National casinos.
Departed casino analyst Brian McGill's other stocks -- hotels -- were taken over by his Janney colleague, Tyler Batory.
Janey has also added credit research analyst Alexandre Ballou (Credit Agricole), and fixed-income sales directors Christopher Gorman (Bank Hapoalim) and Gregory Lobo (Cannacord), all in New York; fixed-income sales director Michael Giammarinaro (RBC) in Charlotte; and fixed-income sales director Richard Smith (GMP/Miller Tabak) in Dallas.