Lee Jackson's go-to source for the latest stock picks and market research isn't a pricey Bloomberg terminal or a cable TV stock show. Instead, the year head trader of a family firm in Houston, Texas, first turns each morning to a handful of lesser-known news outlets like wallst. While many smaller investors may not realize it, a host of websites publish just-released stock research reports -- a move that, until this week, was in legal limbo.

Investment banks claimed that when sites published their research, it undermined the banks' clients' competitive edge, but on Monday a federal appeals court in New York affirmed one site's right to publish. That, experts say, paves the way for several sites to do the same, without fear of litigation or reprisal.

It frees up the flow of information in the digital world. But critics warn the ruling -- and these sites -- may not be such a boon to investors.

Some more unscrupulous or even mainstream sites may use sensational headlines to attract readers and -- as a result -- lead to unwise investment decisions by smaller, less-savvy investors, says Andy Nyquist, an active investor based in Minneapolis, Minn.

On top of that, the sites typically summarize or use portions of the reports, and those snapshots may not always be wholly accurate, says Timothy Sykes, a short-seller and blogger whose site, Investimonials.

The sites are primarily out for the traffic, says Sykes. Another danger, says Sykes, is that it's hard to know what qualifies many of the writers and bloggers who report or republish such research. For investors trying to separate the good from the bad, experts recommend steering clear of sites that use racy headlines, like "this stock will go through the roof! Nyquist, who blogs for minyanville.

Jackson also says he reads stock ratings with a skeptical eye -- and uses it as only part of his research. If you're a professional and you've done it for a long time you know that every commentary and piece of data can be interpreted many different ways, he says. But for investors looking for the inside scoop, the court ruling is nothing but good news.

In the crowded field of stock-hocking and reporting, it's hard to find reliable sources. Here are five that publish or except research straight from the banks:. Summarize just-released investment research and publish it before the market opens, but ensures it either has permission to do so. The free site also has a staff that writes original analysis and features.

Among their regular features just posted this week: Brands That Will Disappear In The site also doesn't specialize in breaking news, but instead picks up news from MarketWatch. Investors looking for currency trading tips should also look elsewhere.

To avoid cutting and pasting bits of reports and instead providing a "thoughtful take" on stock ratings upgrades or downgrades by analysts, says editor-in-chief Kevin Depew.

The site employs 17 full-time writers and plus contributors. The site does not try to break news, but instead offers opinions on news and attempts to make predictions about stock performance. The site focuses tends to write for affluent, savvy investors, and so reports may be over the heads of smaller rookie investors.

Howard Lindzon says he founded Stocktwits. Some critics say some of those comments may not add a whole lot of value or insight, an admitted challenge of a character post. But the site does try to keep the floor level, with a strict set of "house rules" for users, including "respecting fellow members," refraining from writing about penny stocks -- which are more prone to manipulation -- and not using vulgar language.

Founded in , Streetinsider. The focus is forward-looking, he says: The goal is to decipher analyst rating changes and give an indication of what will be the days' biggest movers based on the history of the analyst picks and the stock's performance through the site's "Ratings Insider" database section. Investors also won't find much technical analysis of stocks, as articles focus more on fundamental analysis of earnings, dividends, new products and other research.

Cheat Sheet founder and editor-in-chief Damien Hoffman says his two-year-old site provides a "cheat sheet" for investors looking for research on stocks and other investments. Hoffman said the site doesn't use analyst research without permission or if it's not already in the public domain, and that the site's writers treat analyst calls lightly. Quentin Fottrell is MarketWatch's personal-finance editor and The Moneyologist columnist for MarketWatch.

You can follow him on Twitter quantanamo. By using this site you agree to the Terms of Service , Privacy Policy , and Cookie Policy.

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