December 2, 2024

Dates to Avoid When Making Important Investor Announcements

Recently, I was editing a clinical data release for a client of mine. The data looked great. It was a very positive release. But my stomach sank when I realized the date the prospective announcement was scheduled to go out: September 11.

Now, the timing of the release clearly had no bearing on how awesome the data was, but in that abstract time before you put out an important announcement – when you’re trying to plan so absolutely everything goes right – both I and my client’s management balked at the idea of putting the release out on that tragically memorable date.

This then made me think about other dates that should be avoided when making important investor announcements. Here are some obvious and not so obvious ideas for when NOT to put out important announcements for your company (if you’re trying to optimize the recognition and response you get from your intended audiences).

Mondays and Fridays:

If you’re a public biotech, you’re competing for voice with hundreds of other companies, especially if you’re in the oncology field. Make it easier for the analysts and investors who follow you by not putting important releases out on Mondays or Fridays. The Monday news cycle tends to be dominated by big deals and news that “leaked” over the weekend. And by Friday, everyone is winding down for the weekend, which justifiably has led to the perception that only negative news is released on Fridays.

Federal Holidays and the Days Around Them:

Your news release stands the best chance of being read by people if they are in the office. Or at least working from home. As such, avoid any NYSE holidays (New Year’s Day, Martin Luther King, Jr. Day, Washington’s Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day) and the days around them that investors and analysts may take off to facilitate a vacation.

April Fools’ Day:

Hopefully this one is obvious. So many organizations and news outlets put out spoof stories on this date – don’t muddy the comedy waters by putting out anything serious to compete with them.

Friday the 13^th:

For the same reason my client didn’t want to issue a news release on September 11^th, Friday the 13^th (of any month – there are usually 2 or 3 each year) is similarly inauspicious – albeit for a very different reason. Just push your news a day earlier or a day later.

Jewish Holidays:

Not a single Jewish holiday is recognized by the NYSE or NASDAQ as a public holiday, which means that the stock market is open on days such as Rosh Hashanah and Yom Kippur (to name just two). However, think twice about big announcements on such days, as the Jewish community will largely be observing those holidays and not working. I’ve certainly seen IPO and non-deal roadshows (NDRs) rescheduled to avoid such conflicts in order to maximize investor access and availability.

Major U.S. Election Days:

On the day of a U.S. Presidential election, there is little else that people are focusing on. Plus, everyone who didn’t vote by mail or vote early, will need to leave work to go cast their ballot. It’s probably best to avoid the whole week, come to think of it.

The First Day of the J.P. Morgan Healthcare Conference

Pre-announcing earnings – for companies with revenue and income – or issuing cleansing releases  are all the rage prior the start of the J.P. Morgan Healthcare Conference in early January, because such releases free management to talk about every aspect of their business, at what is generally considered the most important week on the healthcare investment community calendar. If avoidable however, steer away from putting your news release out on the first day of the conference (Monday) if you expect anyone to actually read it. They might say they read it, but they probably didn’t. Mondays are reserved for mega-merger announcements and unless that news includes your company, you’re better off putting your release out the week before.