Tag Archives: Dow Jones & Co.
Eric Savitz, the West Coast editor of Barron’s, which is owned by Dow Jones, suggested on his Tech Trader Daily blog that no one would complain at his shop if Internet company Yahoo should consider making a bid for his parent company.
The conversation resulted from Savitz posting an item on the blog by JupiterMedia CEO Alan Meckler making the same suggestion, and then the TechDirt blog stating that the idea wasn’t very smart.
Meckler replied back by stating, “Mr. Tech Dirt is clueless. First of all WSJ.com has over 700,000 paid subscribers to The Wall Street Journal. Name another property online that has such a significant motherlode of valuable subscribers that are paying real money for content? It also has lots of other valuable Internet real estate. And finally, the WSJ franchise has lots of assets that can still be unlocked online not to mention the fact that the so-called ‘low growth business’ which includes The Wall Street Journal print edition is solid gold as a print property and likely to be the last newspaper standing 50 years out.”
Savitz ended the post by stating, “As a Dow Jones shareholder, and someone who has put in close to 20 years working here, let me just say, I think no one around here would complain if Yahoo made a bid at a very large premium. Iâ€™d also point out that Dow Jones has a market cap of just $3 billion; Yahoo has a market cap of close to $36 billion. If YouTube, with basically no revenue, was worth $1.65 billion, what do you pay for the leading paid subscription site on the Web?
“And, of course, as a bonus, youâ€™d get this blog.”
Dow Jones Newswires announced Monday the launch of Tomorrowâ€™s News Today from Capital Markets Report, an end-of-the-day market wrap-up and next day outlook from its editors.
The electronic newsletter will be delivered each day to fixed-income, money market and foreign exchange professionals and will include a summary of the dayâ€™s market-moving news and give insight into the news and events that will affect the next dayâ€™s markets.
The newsletter will be provided with subscriptions to Dow Jones Capital Markets Report, a real-time source of global debt and foreign exchange news, commentary and analysis. The service is used by traders, economists, analysts and other professionals and is available via market data systems or directly from Dow Jones.
This new publication builds on the Tomorrowâ€™s News Today franchise. The first version goes out to tens of thousands of advisors and equity market professionals each day, providing them with a daily recap of key events, market round-ups, calendars and talking points.
The newsletter is emailed every afternoon at 3:30 p.m. to subscribers of Dow Jones Capital Markets Report.
Read more here.
It’s interesting to scan the stories and columns in Wednesday’s newspapers and see how many writers or experts mention CNBC in relation to the Dow Jones industrial average closing at a new record.
Here is a sampling:
1. Susan Tompor, columnist for the Detroit Free Press and a SABEW board member: “The trick to making good money has been to ignore the talking heads on CNBC and the like — and not chase rapidly rising stock prices.” Read more here.
2. From a Palm Beach Post article written by Jeff Ostrowski: “Boynton Beach investment adviser Phil Keating also was underwhelmed. ‘I’m seeing no evidence that people are excited,’ Keating said. ‘It’s mostly a CNBC event. I think people are more interested in the housing market, interest rates and gas prices than they are in trying to get rich off the Dow.’” Read more here.
3. From Drew DeSilver’s story in the Seattle Times: “”CNBC certainly is milking it for all it’s worth, but from my perspective it’s of minimal significance,’ said Peter Glidden, who heads the Seattle office of Harris Private Bank, referring to the cable-TV business channel.” Story is here.
4. From Rob Johnson’s coverage in the Roanoke Times: “Jim Luke wasn’t dour, but he wasn’t dancing in the street either as he gazed through Valley Bank’s window with a practiced analytical eye. After all, he’s the regional portfolio manager for rival bank BB&T, right across Church Avenue. (BB&T has its own flat-screen TV for window watchers, but it was tuned to CNN, while Valley Bank had the more market-specific CNBC on.)” Read more here.
5. James B. Stewart, writing on the SmartMoney web site: “Yet millions of people are interested. Business network CNBC has been breathlessly counting down the Dow’s progress toward a record, and has often been criticized for treating the markets like sporting events. My reaction to that is: So what? Why not have a little fun? I was musing on this the other day as the Dow flirted with a record, wondering why I, too, was rather enjoying the CNBC-induced fixation on the Dow.”
6. Peter Grandich, editor of The Grandich Letter, an investing newsletter, wrote, “Is it just me, or is anyone else not going to be surprised to see the CNBC-TV anchors all wearing DOW 12,000 hats and blowing those New Yearâ€™s Eve gadgets in preparation for the second coming of the great equity bull market? For the love of God, please just watch CNBCâ€™s counterpart in Canada, http://www.robtv.com just one day so you can realize exactly how biased and unprofessional most of CNBC-TV really is â€“ (and how classy all of ROB-TV is).” Read more here.
What does this mean? Two things: That CNBC and the Dow seem to be permanently linked in our thinking of media coverage of the stock market, and that many people seem to think that the cable network overplays coverage when the Dow sets a new record.
Reuters Group PLC named Devin Wenig as its new chief operating officer, and a Dow Jones Newswire story notes that Wenig is considered the likely successor to current CEO Tom Glocer.
Dow Jones reporter Jessica Hodgson wrote, “Wenig, who is seen by some analysts as a likely successor to Glocer in the event of his departure, has worked for Reuters for 13 years and joined its board of directors in 2003.
“Analysts saw the move as an unsurprising extension of Wenig’s existing responsibilities.
“Lorna Tilbian of Numis Securities described it as a ‘crystallization of a role he already played,’ noting Wenig performed well as the president of the business division and is being rewarded with recognition.”
Read the Dow Jones story here here. The Reuters release is here. His Reuters corporate bio notes that Wenig was a mergers and acquisitions attorney before joining the newswire and information company.
James Stewart, the former Wall Street Journal reporter whose “DisneyWar” book is one of the three Loeb finalists this year in the book category, is apparently being wooed by the new Conde Nast business magazine, and was recently courted by BusinessWeek editor Stephen Adler, according to the New York Post’s Keith Kelly.
Kelly writes, “Joanne Lipman, the editor-in-chief of the new CondÃ© Nast business magazine, is said to be trying to convince her old friend from the Wall Street Journal, James Stewart, to leave his present outlets and write for the new magazine.
“Stewart is currently a contributor to David Remnick’s New Yorker and pens a monthly column for the Hearst/Dow Jones-owned Smart Money.
“Asked about a jump recently, Stewart brushed it aside.
“‘I think Joanne is great and very talented, but at the moment I don’t have any plans about moving anywhere,’ he told Media Ink.”
A former page one editor at The Wall Street Journal, Stewart won a Pulitzer Prize in 1988 for his reporting on the stock market crash and insider trading.
Read more here, including a discussion of the magazine’s proposed name.
Ten Knight-Bagehot Fellows in economics and business journalism have been named by the Columbia University Graduate School of Journalism for the 2006-2007 academic year. They include journalists from The Financial Times, Houston Chronicle, The Washington Post, Forbes magazine, Reuters America and Dow Jones.
The mid-career fellowships provide full tuition and a living stipend of $45,000 for experienced journalists to take graduate courses at Columbiaâ€™s Schools of Business, Law, and International and Public Affairs. Fellows also attend special seminars at the Journalism School led by scholars and business experts during the nine-month program, which begins in August. The program is open to journalists with at least four yearsâ€™ experience.
â€œThese journalists, selected from a pool of highly qualified reporters and writers, represent the best and brightest in business journalism,â€? said Terri Thompson, director of the Knight-Bagehot Fellowship program, in a press release. â€œWe look forward to welcoming the incoming class of Knight-Bagehot Fellows for a rigorous program of study here at Columbia.â€?
This yearâ€™s fellows are: Lynn J. Cook of the Houston Chronicle, Bryan Corliss of The Daily Herald of Everett, Wash., Howard Green of Report on Business TV in Toronto, Jennifer Hughes of The Financial Times, Neil Irwin of The Washington Post, Susan Kitchens of Forbes, Julie MacIntosh of Reuters America, Dwight Oestricher of Dow Jones Newswires, Pang Ruifeng of Southern Weekend and Lauren Weber of Newsday.
Founded in 1975, the fellowships are named for John S. and James L. Knight, brothers who established the John S. and James L. Knight Foundation, and Walter Bagehot, the 19th-century British economist and editor of The Economist. They are administered by the Columbia University Graduate School of Journalism and directed by Thompson, a former associate editor of U.S. News & World Report and former reporter for BusinessWeek. Thompson also is a graduate of the program.
Funds are provided by an endowment from the John S. and James L. Knight Foundation and by grants from foundations and corporations, which have included The New York Times, McGraw-Hill Cos., Merrill Lynch & Co. Foundation Inc., Citigroup and Dow Jones & Co.
The press release was sent out this afternoon to Columbia alums, but it has not been posted yet on the University’s Web site.
A shareholder advisory group is opposing a proposed compensation schedule for British-based Pearson PLC, the parent of the Financial Times newspaper, according to a Dow Jones report.
Dow Jones writes, “PIRC said Chief Executive Marjorie Scardino’s possible earning power, which will be outlined in the remuneration report to be released at the AGM Friday, could be a maximum of 375% of salary, excluding her annual bonus.
“PIRC said it had concerns over the incentive schemes and contract termination provisions and also opposed the new long-term incentive scheme because the targets aren’t challenging.”
Read the rest of the story here.
The Financial Times reported a profit in 2005 for the first time in years. Still, Scardino has been under some pressure in recent years, and there have been calls from investors to sell the company.
New Dow Jones CEO Richard Zannino said Wednesday at an investor conference that advertising for the company’s flagship Wall Street Journal newspaper has been up 13 percent in the first two months.
Dwight Ostricher of Dow Jones Newswire reports, “‘We took meaningful market share away from our primary print competitors in 2005 and so far in 2006 are doing the same,’ Zannino said Wednesday at the Bank of America media, telecommunications and entertainment conference here.
“The Journal has seen solid advertising gains in the technology and financial sectors as well as in general business to business, he said, while health-care and pharmaceutical advertising was soft.
“The company, which also publishes this newswire, said in January that ad lineage at the U.S. edition of the Journal should rise by a mid-single-digit percentage in the first quarter.”
Ostricher also later reported, “Zannino said the company would look for merger-and-acquisition opportunities in the enterprise media group, which includes Dow Jones Newswires, Dow Jones Indexes and Dow Jones Licensing Services.
“He added that consumer media, which includes the print and online version of the Journal and Barron’s, as well as the MarketWatch online financial news concern, will benefit from the Weekend Journal turning profitable and the end of losses for international Journal editions. Zannino added that the company will lose a ‘little bit’ of money in Europe and turn a profit in Asia in 2006.”
Read the wire story here.
McGraw-Hill CEO Harold McGraw saw his bonus increase by about $63,000 in 2005, according to a Dow Jones story about the company’s proxy statement. McGraw-Hill is the parent company of BusinessWeek magazine, which late last year shuttered its Asian and European editions and laid off a number of employees.
The Dow Jones story reported, “According to a proxy statement filed with the Securities and Exchange Commission, the executive also realized $17.8 million in value from the exercise of stock options to acquire 946,000 shares in 2005.
“McGraw also received a salary of $1.17 million in 2005, up from $1.12 million in 2004.
“For 2005, the CEO also got 1.07 million securities underlying options, up from 728,630 he got for the previous year.”
Read the story here.
I briefly scanned the proxy this morning. I didn’t find anything that interesting other than what was mentioned in the Dow wire story.
Former Federal Reserve Board chairman Alan Greenspan, who stepped down earlier this month, is talking with David Wessel, the Wall Street Journal’s deputy Washington bureau chief and author of the paper’s Capital column, talked about collaborating on a book, according to a Dow Jones news item.
“We don’t have any formal agreement and won’t attempt to negotiate one until after he identifies a publisher,” said Wessel in the story. “If it does work out, my task would be to help him write a book that not only offers important and timely insights, but is also a darn good read.”
The story also reported that “Robert Barnett of Williams & Connolly, a lawyer for Greenspan, said no decision has been made on whether or how to use a collaborator. He said there are many excellent candidates and that no decisions will be made until a publisher has been identified.”