Piper Jaffray as contrarian indicator -

Looks like the numskulls at Piper Jaffray think anyone trusts their opinion on Arca. Here are some examples of their most recent ridiculously wrong calls:

On May 4, 2005 Piper downgraded Arca from "outperform" to "market perform." The target price was adjusted to $31 from $24. Refresh your memory here: http://tinyurl.com/aaxxg

On September 23, 2004 Piper initiated coverage of Arca with a "market perform". The target price was set to $17. Read about this idiotic call here: http://tinyurl.com/awq8o

The table below depicts recent evidence of analysts that have lost all credibility as they have failed dramatically to understand Arca's business, market, and stock (yet still publish their ignorance for idiot retail brokers to use and mislead their clients).

Without further ado, here's a list of losers who've recently opened their proverbial mouths and removed any doubt that they haven't a clue. The truth is, a 4 year-old could be just as accurate as these clowns. When you're wrong, you're wrong.

Date	Knucklehead	Downgrade	Closing price that day (Today's closing price $39.53)
9-May-05	Keefe Bruyette	Mkt perform	$32.87
4-May-05	Raymond James	Underperform	$33.88
4-May-05 22-Apr-05	Piper Jaffray Sandler O'Neill	Mkt perform Sell	$33.88 $16.85
22-Apr-05	Jefferies & Co	Underperform	$16.85