Tag Archives: Dow Jones & Co.
by Chris Roush
Tom Groenfeldt of Forbes.com writes Thursday about the value of financial journalism to the markets after listening to Joe Lanza, the president of Dow Jones Financial Markets, speak at the SIFMA securities industry conference about the work of its 100 journalists.
Groenfeldt writes, “Some news, such as unemployment figures and the consumer price index, is relatively easy to distribute in numerical terms. But for company news, Dow Jones is working with sentiment which it tries to measure in terms of positive, negative or neutral depending on words used and where they occur in the story.
“‘Companies will often bury certain information in tables.’ Readers no doubt will be shocked to learn that such behavior occurs in financial reporting but apparently it does.
“Since Dow Jones has been around awhile, it has an archive of 40 years of every story that has been published the Wall Street Journal, on the wire, and in Barron’s — so clients can back test to their hearts’ content. It is also adding 15,000 items per day from its current reporting.
“One result is that the percentage of firms making some use of unstructured data has grown from around 5 percent in 2008 to over 30 percent. That suggests firms are still learning to use it. Lanza said they might develop trading strategies that work around numbers — if the CPI increases a certain percent then trading engines would sell one part of the market and buy another. If the number hits a different marker, it could generate a different trading strategy.”
Read more here.
by Chris Roush
Telecom and tech reporter Roger Cheng and media reporter Nat Worden are both leaving Dow Jones Newswires.
Cheng has worked for Dow Jones for nearly a decade, primarily to help cover smart phones and other products from the hottest tech companies. With CNET, he is staying in New York to cover mobile companies and will start on July 5.
Before joining Dow Jones in 2008, Worden covered macroeconomics and the Federal Reserve for TheStreet.com, where he also spent time covering media, the U.S. auto industry, retail and personal finance.
Worden wrote the web site’s ongoing satirical column “The Five Dumbest Things On Wall Street This Week,” produced online video content and won a New York Press Club award for a series of investigative stories that examined the investment portfolios and business dealings of major presidential candidates in the early days of the primary.
by Chris Roush
Mark Stein, assistant managing editor at Dow Jones Newswires, made the following announcement to the staff on Friday afternoon:
Al has an extensive background covering real estate finance. He most recently was at Thomson Reuters, where he wrote about the credit markets with a focus on real estate. He has covered Fannie Mae and Freddie Mac, from balance sheets to housing legislation and has also followed the corporate debt and currencies markets in his eight years at Reuters. He was among four Reuters reporters named as finalists for a 2008 Gerald Loeb Award, for their coverage of subprime mortgages.
Al has also covered the U.S. Treasury and mortgage bond markets for Bloomberg, where for seven years he was responsible for writing a variety of housing enterprise stories. He also has worked for The Bond Buyer, where he covered municipal bonds and public finance.
Al is a graduate of Lehigh University. He will start here on June 6 and report to me.
by Chris Roush
Dow Jones & Co., the parent of The Wall Street Journal, has sued the state of Texas after its comptroller ruled that it is not a newspaper and should pay state taxes.
Eriq Gardner of The Hollywood Reporter writes, “The Murdoch-owned newspaper believes it is being penalized by the state for charging more than $1.50 per paper for a newsstand sale.
“According to the Texas tax code, a ‘newspaper’ is defined as being printed on newsprint, distributed in short intervals, disseminating the news, with an average sale price that doesn’t exceed $1.50.
“In February, the state comptroller announced that some newspapers like the Wall Street Journal and the New York Times no longer meet the definition of a newspaper. ‘Because the average price of both publications is above $1.50, neither of these publications qualifies as a newspaper for Texas sales tax purposes,’ wrote the comptroller.
“The ramifcations of the ruling meant that it wouldn’t qualify for a ‘newspaper’ sales tax exemption afforded to other, smaller publications.”
Read more here.
by Chris Roush
AllThingsD, the Dow Jones & Co. website that covers tech news, has been redesigned.
Co-executive editors Kara Swisher and Walt Mossberg write, “As you will see, in the new set-up, all blog posts belong to AllThingsD and no longer operate under a variety of column names.
“We thought long and hard about this change, which entailed moving all the content from the various blogs under the single AllThingsD.com moniker.
“This will make everything look more cohesive from a branding standpoint. We’re AllThingsD now, and not the blogging nation states of BoomTown, Digital Daily, MediaMemo, Mobilized, NetworkEffect, eMoney and NewEnterprise.
“While we liked all those pretty names, it’s become clear that it’s gotten a little confusing to readers that we are one single news organization.”
Read more here.
Michael Casey, managing editor of Americas for foreign exchange, fixed income and economics, made the following staff announcement on Monday:
Colleagues, let me introduce Dawn Kissi, who joins us today as the latest member of our FX reporting team.
Dawn comes to us from the Global Association of Risk Professionals, where she was a financial and foreign affairs correspondent and carved out a niche covering financial developments in the Middle East. Before that she was at Securities Industry News. She has also had stints at ABC News, CNN International and Reuters.
Dawn is a graduate of CUNY’s Queens College and has a Masters in Journalism and International Affairs from Columbia.
Dawn will focus on Treasurys reporting, but we also hope to use her in both foreign exchange and emerging market coverage. She will report to Assistant Managing Editor John Parry.
Lucia Moses of Adweek writes about how a computer virus has hit the employees at Dow Jones & Co., the parent of The Wall Street Journal.
Moses writes, “The timing of the infection, which hit May 12, was ominous, as 34 employees represented by the Independent Association of Publishers’ Employees, most of them techs, got actual pink slips a few days earlier. ‘Everybody’s saying that somebody left it as a going-away present,’ a Dow Jones employee said. But Steve Yount, IAPE’s president, said he understood the virus was ‘’complicated and intricate’ enough that it could not have been loaded and triggered in the time frame of Tuesday to Thursday.’ The company is investigating the cause.
“While the company ensured employees that its servers, network, and data weren’t compromised, the virus slowed down computers, and employees have been bombarded with voicemail and email messages ordering them to power down their computers until they can be cleaned. Emails spoke of a prescription drug-like ‘stinger’ that was being used on ‘infected PCs’ to ‘eradicate the active virus’ and of the virus morphing so that antivirus software was ineffective, leading staffers to joke about the side effects of the antibacterial soap in the bathroom.
“By May 18, the company had determined that the virus was designed to steal credentials from banking websites and directed employees not to use any banking sites for the time being. ‘It was a hassle and a pain in the butt,’ said another employee.”
Read more here.
TALKING BIZ NEWS EXCLUSIVE
A U.S. magistrate in Florida recommended in favor of Dow Jones & Co.‘s plea to reopen and intervene in a 32-year-old case that closed Medicare records from the media, saying the previous rationale for blocking access to the data might be “outdated.”
Dow Jones, the parent of The Wall Street Journal, sued in January in an attempt to open the records. The paper has published a series of articles called “Secrets of the System” about abuses of the Medicare system. The articles were based on computerized Medicare records that represent part of the broader database.
But the paper has been prevented from reporting more about its findings because of an injunction.
Monte Richardson, the magistrate in Jacksonville, Fla., who heard Dow Jones’ motion to reopen the case, wrote in his Wednesday ruling that, “Dow Jones represents the interests of a nationwide media organization, seeking to establish its rights to purchase Medicare information from HHS via contract, as well as to obtain Medicare data by means of a FOIA request.”
The American Medical Association, the doctors’ trade group, successfully sued the government in 1979 to keep secret how much money individual doctors receive from Medicare.
Richardson’s recommendation, however, notes, “Now that Medicare fees are set by Congress and are public information, disclosure of the requested data no longer exposes an individual doctor’s ‘discretionary’ billing practices to public scrutiny, or to comparison by competitors. Additionally, today, the majority of physicians practice as corporate or business entities which, as a matter of law, have no privacy interest in the requested Medicare data.”
Talking Biz News has a copy of the magistrate’s recommendation. If you’d like to see it, e-mail email@example.com.
Michael Casey, managing editor for foreign exchange & fixed income, Americas at Dow Jones Newswires, and Jim Pinsiero,the editor of Dow Jones FX Trader, sent out the following announcement on Friday afternoon:
Some bittersweet news: After a distinguished career at Dow Jones spanning nearly two decades, Robert Flint will be retiring at the end of June. As some of you know, Robert has been building a home in Thailand and intends to move there permanently in coming months. His departure will leave us without the vast store of global markets and economic knowledge he brings to work each and every day, along with his sweet, collaborative nature.
Robert joined Dow Jones Newswires in 1991 in Sweden as chief correspondent for Scandinavia and Stockholm bureau chief. In 1994, he moved to Beijing to open the first DJN bureau there. In 1997, he returned to the U.S. to become an assistant news editor responsible for coordinating coverage of foreign-exchange markets as well as supervising forex and fixed income reporters in Canada. He became a news editor in 2005 and in 2011 joined the newly formed pan-asset-class Market Talk hub.
Between 1973 and 1997, Robert lived in countries in Europe, the Middle East and Asia. Prior to joining Dow Jones, he worked for several different news organizations and publications as well as writing on a free-lance basis.
We know you’ll join us in wishing Robert all the best in his new adventure. We’ll fete him appropriately before he leaves us at the end of June.
Les Hinton, the chief executive officer of Dow Jones & Co., sent the following message to employees of the Wall Street Journal, Barron’s, Marketwatch.com and Dow Jones Newswires on Thursday afternoon:
We enter this final fiscal quarter of 2011 with many accomplishments to our collective credit.
We continue to bring to the market new products that demonstrate not only the value of quality content but the capacity of Dow Jones to harness technology to the benefit of readers and customers.
Factiva is more intuitive, global, mobile and an indispensible engine of business awareness and intelligence. DJ FX Trader is still new and already yielding essential and valuable insights into the foreign-exchange market. Its utility was endorsed the best possible way when some of the world’s biggest banks were among the first to sign on. We are a leader among publishers on the tablet-computer platform, creating a new and dynamic experience for The Wall Street Journal, Barron’s, MarketWatch, Dow Jones Investment Banker and soon Factiva too.
Our journalism continues to inform and enlighten audiences around the globe in a time of great tumult. We are grateful for the efforts and the courage of those who have performed with excellence amidst the devastation in Japan and through change and uncertainty in the Middle East.
Our progress is measurable. Through the first nine months of fiscal 2011, Dow Jones revenue increased 5%. That figure includes strong results from the Journal’s U.S. print edition (ad revenue up 7%, circulation revenue up almost 8%) and its digital editions (ad revenue up 19%, circulation revenue up 22%). Our business-to-business operations, by the third quarter, were showing new strength after the extended impact of the financial crisis.
Ours is an uncommon story in the news business. The Journal’s total ad revenue rose 2.6% in the fiscal third quarter, our sixth consecutive quarter of growth. At the New York Times, news group ad revenue fell 3.7% in the same quarter. Where the Journal’s total circulation revenue improved 8% in the quarter ended March, circulation revenue at the Times fell by 3.7%. The print Journal alone has recorded 17 consecutive quarters of circulation-revenue growth, including nearly 6% in the third quarter, as we broadened and improved it. What other newspaper can tell that story?
We achieved this growth with compelling ideas and with business discipline. The fact that we’re already counting many millions in incremental subscription and advertising dollars from our products on tablet computers says a lot about our ability to seize the opportunities of new technology.
To make sure we can carry on building on our successes, we must continue to manage both investment and expense aggressively. I want to thank you all for your contributions.