Tag Archives: CNBC
MarketWatch columnist Frank Barnako muses on his blog that Jim Cramer will be used by CNBC to build traffic on its new web site when it launches next week in the wake of his radio show going away.
Barnako wrote, “Makes sense to me after learning this morning that the Booyah-meister is ending his ‘Mad Money’ radio distribution deal with Westwood One by the end of the year.”
Later, he added, “Why not some Cramer, too? He’s the Howard Stern of business news. Sternâ€™s signing with Sirius boosted subscriptions. Cramer’s the same kind of act. Outlandish and extreme, with an enthusiastic audience.
“If I were in the programming meeting at CNBC, I’d want to have Cramer on the site. Remember Dan Dorfman on CNBC in the mid-90s? His stock picks drove viewership before his appearances and trading volume after it. Cramer on CNBC.com would be sure to pull people through the tollgates.
“A call for comment from CNBC has not yet been returned.”
Read more here. There’s also this post on TVNewser that states that the site will allow viewers to watch CNBC on their computers, and for $10/month, be able to watch CNBC’s US, Asia/Pacific and Europe versions.
It promises exclusive live events, video on demand, tools for personal stock portfolios and global coverage. You can program a ticker for the stocks that you care about the most. It’s also promising exclusive interviews.
Here are some of the other features I was able to glean from the preview:
On your watchlist, CNBC will let you know when there is a new video available or upcoming interview on the air that might be of particular interest to you based on the holdings in your portfolio.
If you currently have a portfolio on MSN Money, the preview web site allows you to download your portfolio so it will be ready on Dec. 4.
MSN Money will be sending an e-mail to its registered users on Dec. 4 to alert them to the launch of CNBCâ€™s new site.
You can also “pre-register” for the CNBC site now.
The web site has the CNBC logo in the upper left hand corner, with the slogan “First in Business Worldwide.”
MSN Money, of which CNBC has been a part of since 2001, underwent an overhaul earlier this week that included new stock charts, stock quote pages and a personalized news feature that seems aimed at keeping viewers after it splits with CNBC. Read about it here.
Microsoft Corp. and NBC merged their financial Web sites, MoneyCentral.com and CNBC.com, in June 2001, shortly after the tech bubble burst. The new site, CNBC on MSN Money, became part of MSN, Microsoft’s family of online sites that also includes Slate.
Microsoft operated the Web site out of offices in Redmond, Wash., with editorial services split between Redmond and Fort Lee, N.J., where CNBC is based.
At the time, analysts said NBC was likely interested in this partnership because its CNBC Web site had not been as successful in capturing web users as expected.
The goal this time around will be how successful CNBC will be in taking Web users away from sites such as Forbes.com, BusinessWeek.com, MarketWatch.com, TheStreet.com and MotleyFool.com that already cater to investors and those wanting personal finance advice.
Last week, CNBC announced a number of new hires for its web site operation. Read about those here.
Marketwatch media columnist Jon Friedman interviewed NBC reporter Tom Costello and remarked on his ability to report factually and only what he knew. Friedman noted that he honed his on-air reporting skills while covering the market for CNBC.
Case in point: On Monday’s “Today” show, Costello initially reported that travelers could carry liquid containers as big as 3 quarts on flights. He then corrected himself and noted the right amount was 3 ounces.
Friedman wrote, “His work caught my eye when he worked for CNBC several years ago. Toiling far from the limelight, he was one of the ‘foot soldiers,’ as I called the network’s financial-markets reporters once in print. They reported on the markets day after day, hour after hour, with little, if any, fanfare.
“The pace can be grueling, too. Costello estimates that he was doing 15 live shots a day back when the Nasdaq market was dominating the news.
“This kind of work is a terrific training ground because it requires a reporter to be correct 100% of the time.
“Invariably, Costello not only got the story right but he kept his composure, even as a stock’s price was plunging or an entire market was seemingly in a freefall. Costello felt a tremendous obligation to his viewers, which is a fine mission for a financial reporter.
“‘The slightest inaccuracy can cost the viewers money,’ Costello mused. ‘It’s as simple as that.’”
Read more here.
TheStreet.com’s Marek Fuchs examined the coverage Friday of computer company Hewlett-Packard’s earnings, and he believes that the wire services missed what caused the drop in the stock price. The reason it dropped, he argued, was that the company was forecasting the same growth even after a restructuring.
It had nothing to do with the scandal about the company investigating business journalists and their sources on the board.
First up is the Associated Press, Fuchs noted, He wrote, “The article then goes on to discuss stock performance, earnings, comparison to troubled Dell, the investigation, back to the stock price and … way, way, down in the third sentence from the bottom, only two little lines about how the company said it had completed the bulk of its money-saving, restructuring program.
“We’ll get back to that in a moment. Just know that MarketWatch offers basically the same pair of buried lines about the end of cost-saving opportunities.
“Reuters, which scored a phone interview with Mark Hurd, the semi-embattled CEO, speaks excitedly of future guidance and doesn’t even mention the end of cost savings as we know it for H-P. MSN Money mentions a “sour note,” but it’s — you guessed it — the investigation.
“The Business Press Maven wants you to compare all that endlessly told nonsense to The Wall Street Journal’s accurate take this morning. Look at the headline, so instructive: ‘H-P Net Soars, but Pressure for Sales Gains Rises: Earnings Aided by Cuts as Overhaul Concludes.’
“Got that? It’s the end of the line for easy cost savings, stupid. If H-P’s going to do anything from here, the pressure is on to drive top-line growth.”
Read more here.
Business news cable channel CNBC has hired six people to work on its website, which will relaunch on Dec. 4. CNBC.com is currently part of MSNBC.com.
“We’ve recruited all-stars from across the industry to create a ‘game-changing’ site that perfectly complements our worldwide television network while offering a breadth and depth of business news coverage that simply doesn’t exist on the web today,” said CNBC President Mark Hoffman.
According to a press release, the hires are:
Albert Bozzo: Former executive producer and director of the video network of Forbes.com. Bozzo joins Cnbc.com as senior news editor. At Forbes.com, Bozzo was responsible for all aspects of editorial, production and technical operations.
Scott Billings: Billings joins Cnbc.com as senior news editor. Previously, he was the news editor/producer for WSJ.com Video where he created and produced a daily newscast of Wall Street Journal stories.
Viktor Cea: Cea joins Cnbc.com as director of content and design. He joins cnbc.com from Gartner Inc., where he was vice president, design & development for product platforms, responsible for the strategic and creative direction for Gartner products.
Jeanne Rothermich: Rothermich joins Cnbc.com as senior producer for TV coverage. Most recently, she served as vice president, interactive strategy for MSNBC, where she also held a number of positions focused on cross-platform strategy to enhance TV and web promotions and programming.
In addition, Alex Crippen has been named Executive Producer of Cnbc.com, responsible for live coverage, following more than 15 years of various editorial positions with CNBC. He also continues to serve as executive producer for breaking news, CNBC World and CNBC Business Radio. And Susan DeBaun becomes Cnbc.com’s director of strategic operations. She has been with CNBC for more than nine years and has held positions in technology operations, graphics and quality.
Read more here.
Wall Street Journal reporters have said that they will stop appearing on CNBC in unpaid appearances during a dispute over new contract talks with parent company Dow Jones, according to an Associated Press story.
The AP story stated, “E.S. Browning, the chairman of the union’s bargaining committee and a financial markets reporter, said the union decided to take the step after the negotiations, which began two weeks ago, turned ‘ugly.’
“Browning, who has worked at the paper for 27 years, said the company told union negotiators that they were unwilling to discuss any of the proposals made by the union. ‘To go into a meeting and be told there’s not a single proposal they’re willing to discuss is a pretty nasty way to start negotiations,’ Browning said.
“In addition to suspending unpaid appearances on CNBC by Journal reporters, Browning also said union members would no longer do podcasts or Webcast interviews for the newspaper’s Web site.
“Dow Jones released a statement through a spokesman saying that the company ‘is committed to conducting these negotiations in good faith and has done so in the two bargaining sessions held so far. As we seek an agreement that serves the interest of all parties, we intend to focus our comments at the bargaining table.’”
Read more here.
Fox News business anchor Neil Cavuto is hosting his show from Detroit as part of the cable network’s tour of the country to celebrate its 10th anniversary, and in an interview with the Detroit Free Press, he recounted what it was like to leave CNBC for Fox in 1996.
Julie Hinds wrote, “Asked about the future of Detroit automakers, he’s reminded of the past.
“‘We look at the dark moments and assume they’re always going to stay dark. And I’m always reminded of just the opposite, that more often than not, American industry responds to these challenges and always comes up with something better,’ he says.
“‘And I think it’s going to happen again.’
“Cavuto, who also oversees business coverage for Fox News, has been with the network since 1996. Back then, the former CNBC anchor and contributor to NBC’s ‘Today’ show was joining a network that was a fledgling experiment.
“‘I had a lot of viewers and then suddenly went into the witness protection program, because Fox wasn’t carried anywhere,’ he says of those early days. ‘There were a couple of years there where I had no ratings, no viewers, nothing. I really began to think, I have some relatives who run delis, maybe that was in my future.’”
Read more here.
CNBC Africa will replace CNBC Europe in South Africa, according to this report. In addition, the company, which is 30 percent owned by the government, is planning an initial public offering within the next three years.
Dikatso Mametse wrote, “The new channel will blend in local and international economic news and will have bureaus in Nigeria, Botswana, Kenya, Namibia and Tanzania in the initial stage.
“It will expand to other countries in the next few years.
“In total, $20m (R144m) is invested in CNBC Africa.
“The IDC is a 30% shareholder in Africa Business News, the company that owns and operates CNBC Africa. The rest of the shareholders are from the Middle East.
“Chairman of CNBC Africa, Zafar Siddiqi, said that the investors are large institutions and families that will use this as a pilot project for other investments in South Africa.”
The San Jose Mercury News has named reporters Dean Takahashi and Michelle Quinn as their newest business columnists, according to a short item in Monday’s paper.
The item stated, “By naming these two veteran Mercury News staff writers as columnists, we add unique and insightful coverage of Silicon Valley.
“Takahashi’s ‘Tech Talk’ will appear Mondays and Thursdays, providing useful and informative commentary and reporting. On Mondays, he’ll review tech products and services. On Thursdays, he’ll comment on general tech subjects. His column starts today in Tech Monday.
“Quinn’s ‘Valley Voice,’ running Sundays and Wednesdays, will offer a lively, engaging take on ideas, people, companies and trends in the valley. Look for Her column to debut Wednesday in the Business section.”
Read more here. Takahashi has been a business journalist for 17 years, having written for the Wall Street Journal, Red Herring Magazine, Los Angeles Times, The Orange County Register, and Dallas Times Herald, and has appeared on CNN and CNBC. As a die-hard gamer, he is author of the book Opening the Xbox: Inside Microsoft’s Plan to Unleash an Entertainment Revolution.
Both Takahashi and Quinn were finalists for a Loeb Award this year for the paper’s coverage of ousted Hewlett-Packard CEO Carly Fiorina. Columnist Mike Langberg left the paper in October.
BusinessWeek media writer Jon Fine writes on his blog that News Corp. CEO Rupert Murdoch has been bullish about the Fox Business News channel that is expected to launch next year for several years despite the fact that Roger Ailes, the executive who once ran CNBC and would be in charge of the channel, has been low-key about the launch.
Fine said there is enough money around to start the second business news channel.
He wrote, “TNS Media Intelligence–with the best estimates available, since NBC Universal does not break out its results–shows a truly impressive decline in ad revenues for reigning business cable player CNBC. Ad revenues topped $500 million in 2002 and were at $313.8 million last year. But the beauty of the cable business is that it features two revenue streams, one from ads and one from subscribers. CNBC is in around 90 million homes, and, according to an individual familiar with the numbers, looks likely to post its most profitable year in ’06, with net topping $275 million. To put that into perspective, last year total NBC Universal profits were around $3.7 billion. ‘CNBC still enjoys the exclusive status as the sole all-business channel,’ says John Rash, senior vice-president at ad agency Campbell Mithun. It has since CNNfn disappeared in late 2004.
“So it looks like the money is there. And all the more so should Fox expand on the focus of CNBC and ‘Fox-i-fy’ the programming in ways that CNBC’s screaming head Jim Cramer might not even recognize. Is it a good idea? Well, it is curious that Ailes has been much shier than his boss about this, since he is the guy who launched CNBC in the first place. He may be remembering that CNNfn didn’t secure a critical mass of cable subscribers at launch and be leery of talking as loudly as his boss with so few deals in place.”
Read more here.