“Is this what they mean by eliminating cozy relationships between companies and Wall Street stock analysts?” Steven Jones in today’s Wall Street Journal.

“There certainly is nothing cozy about how executives of a Seattle company gave a rare public scolding recently to a Bear Stearns Cos. stock analyst as part of a routine securities disclosure.”

” ‘So go ahead and huff and puff,’ taunted the filing by Expeditors International of Washington Inc., a freight-forwarding company, in a section addressed to the analyst. ‘This company was not built from straw or sticks. It is made of cash and bricks. You’re not going to blow it down and you’re not getting in — not by the hairs of our chinny chin chin.’ “

“Expeditors is renowned for how it uses its filings with the Securities and Exchange Commission to answer analysts’ questions, in lieu of earnings conference calls. The monthly missive has become standard reading for anyone following transportation.”

“But this month’s filing, with the nursery-rhyme taunt, took its responses to another level.”

“The analyst isn’t identified in Friday’s filing, other than the detail that he has a ‘sell’ rating on Expeditors’ shares. But several readers recognized that the target was analyst Edward Wolfe of Bear Stearns (big, bad ‘Wolfe,’ you see).”

“Peter Rose, chairman and chief executive of Expeditors, confirmed that Mr. Wolfe was the analyst to whom the remarks were directed. ‘I think Ed got the message, and he wrote his response, too,’ said Mr. Rose.”

“Mr. Wolfe makes his own statement in the third item of Friday’s filing by the company, though not by name. In the item, an unidentified analyst wrote that he has been trying to set up an interview with management ‘for over two months,’ but no one will respond. The writer asks whether the problem is ‘a result of our current sell rating?’ “

“Bear Stearns spokeswoman Elizabeth Ventura said, ‘We can confirm that question No. 3 in the 8-K did come from Ed Wolfe.’ “

“On Monday, three days after Expeditors’ 8-K filing, Mr. Wolfe issued a report reiterating his underperform rating (Bear Stearns no longer uses the word ‘sell’ in its official ratings), and warned that Expeditors’ strong performance in late 2002 would be tough for the company to exceed in coming quarters. He advised investors to take some profits.”