Salomon Analyst's Negative Report Buried by Semiconductor Bulls

Today you're Henry Blodget. But tomorrow? Rodney Dangerfield, perhaps.

Jonathan Joseph, a Salomon Smith Barney analyst, knows the feeling. He managed to rally long-dormant semiconductor bears with a July 5 call to arms that drove the industry's leading index down 9.3%. Amid potshots from rival firms, Joseph managed for one day to galvanize investors with a contrarian report citing a host of industry-specific and macroeconomic factors.

But the pendulum swung back on Joseph with stunning speed, as the chip stocks bounced back 4.5% the next day. Ironically, driving the rally was a big bullish bet on the semiconductor industry -- placed by the trading desk at none other than Joseph's firm, Salomon Smith Barney. ...