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BRIEFLY

Securities

March 20, 1992|From Times Staff and Wire Reports

Wedbush, Morgan Officials Have Dispute Over Stock: Toronto-based Deprenyl Research Ltd. said its stock plunged $2.25 to $15.625 on the Toronto exchange because of a "totally unfounded sell recommendation" by Los Angeles-based brokerage Wedbush, Morgan Securities. Traders said David Saks, Wedbush's New York-based drug analyst, still maintained a "buy" on the stock, but was overruled by Wedbush research chief James Reynolds in L.A. "I made the decision that the stock was overvalued," Reynolds said. He declined to comment on the dispute with Saks, who is well known on Wall Street. "Our firm has only one opinion on the stock, and that opinion is a sell," Reynolds said.

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