Tag Archives: Jim Cramer
TheStreet.com co-founder and “Mad Money” host Jim Cramer believes that David Morrow, the former TheStreet.com editor in chief who is now a business journalism professor at the University of Nevada, will conquer cancer the same way he conquered the Web site’s newsroom.
In an e-mail to Talking Biz News Thursday night, Cramer wrote, “First as I told Dave today, we aren’t done working together. I fully expect him to be up and at ‘em to edit me again soon. Why? Because he performed one miracle already — he saved TheStreet.com from oblivion and disaster and made us relevant, topical and, a rarity for any journalist, profitable. This health stuff seems easier to beat!
“Now, here’s what you need to know about Dave. At a time when journalism has been under tremendous stress and models are blowing up left and right, Dave succeeded in putting out a first-class edition every hour for years and years as a much loved and respected editor in chief. I am searching my brain to remember a minute where Dave didn’t get back to anyone within a nanosecond, and believe me there were plenty of people-including yours truly– that weren’t easy or fun to get back to. Responsive, intuitive, respectful, diligent, careful, spontaneous, rigorous, hilarious, all Dave.
“But maybe the most descriptive is CARING. He cares. About everything. He cares about integrity as much as he cares for people personally. No compromises on integrity ever but lots of accommodations for people who have difficulties or issues or face the vagaries of life on a daily basis. Why does that matter? Because it’s rare, so rare as to spin your head. The guy IS sincere, not faux sincere but actually sincere. You love working for and with Dave. HE’s that kind of guy.
“When I brought Dave in to thestreet.com it was pure chaos and anarchy. We were day-to-day. We didn’t know if the darned thing was going to come out. Within a week there was calm, and the tension was creative not cataclysmic. He brings a calm with him. He brought it to us. I envied his decision to go academic, to be able to think for more than the moment, but, more important, I envied the students who would take his course and find out what journalism in the 21st century means.
“I don’t miss Dave. No need to. He will be walking into that street.com newsroom any minute now. Why not? It’s the home he built, a sturdy and lasting home that is his lasting legacy, and, hopefully, just his first miracle.”
I echo the sentiment. Get well, Dave.
TALKING BIZ NEWS EXCLUSIVE
The first decade of the 21st century began with business journalists facing criticism for their boosterish coverage of companies during the tech bubble and ended with many of the same reporters facing more criticism for failing to warn consumers about the current economic crisis.
In between, the world of business journalism underwent dramatic changes that make the field only vaguely similar to what it looked like back on Jan. 1, 2000.
Talking Biz News believes the following 10 events — ranked in order of importance — were the most important to business journalism during the past decade. If you’d like to nominate another event, please post a comment.
1. The demise of the daily business section: At the beginning of the decade, standalone business sections in metro newspapers across the country were the primary source of news for those seeking information about business, the markets and the economy. As 2009 closes, they’re now an afterthought. Many of these papers have only themselves to blame — the cutting of printed stock listings and the downsizing of business news staffs have cut the quality and quantity of business news they provide.
2. The biz magazine shakeout: Goodbye Business 2.0, one of the hippest business magazines ever printed. Hello, and goodbye, to Conde Nast Portfolio. So long, Fortune Small Business and BusinessWeek SmallBiz. In addition, Inc., Fast Company and BusinessWeek were sold to new owners, Fortune cut its printed issues by 33 percent and Forbes sold a minority stake of itself. None have been able to find a new formula for success.
3. The rise of Bloomberg News: At the beginning of the decade, Bloomberg was simply another wire service that competed against the AP, Reuters, Dow Jones Newswires and the now-defunct Bridge News. Now, it has the largest staff of business journalists anywhere. It owns BusinessWeek magazine, and it’s overhauling its TV operations to compete with CNBC and Fox Business Network. The contest for business news dominance now appears to be a two-horse race between Bloomberg and Dow Jones.
4. Dow Jones sale to News Corp.: Rupert Murdoch added the parent company of The Wall Street Journal, Barron’s, Marketwatch.com and Dow Jones Newswires in 2007 to his far-flung media operations. Along with the Fox Business Network, News Corp. now has a presence in delivering business news in every major platform. The Journal has continued to grow its subscription base and has led the pack in requesting consumers pay for business news online.
5. Cable biz news wars: After CNNfn went off the air in 2004, CNBC had the cable business news market to itself for the next three years, until 2007 when the Fox Business Network was launched. Amid criticism that it was too bullish at the beginning of the decade and too defensive of Wall Street at the end of the decade, CNBC continued to dominate business news on TV.
6. Lessons learned: Yes, business journalism was asleep at the wheel in failing to provide adequate coverage of tech, Internet and telecom companies in the first part of the decade. But many biz reporters learned their lesson, and the coverage in the latter part of the decade about the housing bubble and Wall Street problems was much better. And I don’t buy the argument that financial journalism should have warned consumers what was coming; we are not fortune tellers.
7. KHOU-TV’s coverage of bad tires: This was the 2000 coverage of the Firestone problems on Ford Explorers that led to dozens of deaths, and it was a stark reminder that the best business journalism is investigative and questions companies, searching for answers when a company stonewalls. It led to an overall more adversarial approach to business journalism for the rest of the decade.
8. Jon Stewart’s takedown of Jim Cramer: Forget the back and forth between the two combatants here. Simply put, “The Daily Show” hosts montage of bad calls by Cramer put into focus what every serious business journalist knows: You don’t ever predict something, particularly involving investments or money, in print or on the air. Sadly, Cramer’s not the only one who does this.
9. Pulitzer winners abound: From the 2002 win by Gretchen Morgenson of the New York Times for her coverage of Wall Street to the 2008 win by Washington Post business columnist Steve Pearlstein and the 2009 win by Alexandra Berzon of the Las Vegas Sun, the Pulitzer committee recognized that business journalism was prescient and performed its watchdog role.
10. New delivery systems: iPhones and Blackberries now act as a transmitter of The Wall Street Journal and other major business media outlets. Twitter sends headlines of breaking news. Kindles and Sony Readers can do all and more. The newspaper is not dead as a medium of business news, but it now has more competition from a variety of options.
Yvette Kantrow, the executive editor of The Deal, writes that the evisceration of CNBC “Mad Money” host Jim Cramer by “The Daily Show” host Jon Stewart was the most telling moment in business journalism in the past year.
Kantrow writes, “This isn’t to say the media couldn’t have done a better job covering problems in areas ranging from subprime lending to securitization to credit default swaps to private equity (though it’s hard to imagine anyone connecting all the dots to predict just how badly the world economy would tumble).
“But as critics focus on all the missed stories, from Lehman Brothers Holdings Inc. to American International Group Inc. to the real estate bubble, one issue they don’t tackle is this: Can the media effectively bridge the gap between Main Street and Wall Street? Do you do the public a disservice by claiming that you can?
“Stewart opened the door to that discussion when he took down Cramer, but so far, few have stepped inside. Too bad. Given the way the business is going, it’s far more important than asking how the media missed catching a miscreant like Bernie Madoff.”
Read more here.
The Wall St. Cheat Sheet notes that CNBC “Mad Money” host Jim Cramer‘s recommendation to his viewers to buy Best Buy stock is now blowing up in his face.
The Cheat Sheet notes, “On last weekâ€™s Mad Money, game show host Jim Cramer told his acolytes ‘to pick up [Best Buy] BBY before Tuesday morningâ€™s announcement.’ First, trading stocks ahead of earnings is the riskiest aspect of trading. Most professional traders close their positions ahead of earnings and decide what to do after the announcement. The reason for this risk management strategy: guessing earnings is a complete gamble.
“Enter our circus show friend Jim Cramer. While Jim is busy telling people heâ€™s trying to make them better investors, here he is (again) giving investment advice to use the riskiest tactic in trading. Well, I am sad to say Jim’s ESP was dim, and those who started buying BBY into earnings are now getting slammed. The company missed expectations for margins, and the stock is trading down almost 7% as I write.
“As Jim says in his Stock-Picking Rules to Live By, ‘Just because someone says it on TV doesnâ€™t make it so.’”
Read more here.
New York Times business reporter Leslie Wayne confirmed that she is leaving the paper via buyout and will become the first Reynolds Visiting Professor in Business Journalism at Arizona State University’s Walter Cronkite School of Journalism and Mass Communication.
She will teach graduate and undergraduate courses during spring semester 2010 in the Cronkite School’s business journalism specialization, which is funded by the Donald W. Reynolds Foundation.
Wayne reports on business, finance and politics for The Times. She has covered Wall Street, military contractors and aerospace, municipal finance and, during presidential election years, campaign finance. Since joining The Times in 1981, Wayne has worked mainly for the business desk in New York but was also posted in the Washington bureau.
An honors graduate of the University of Michigan, Wayne has an M.B.A. in finance from Columbia University. She was a Walter Bagehot Fellow in Economics and Business Journalism at Columbia and was honored by the Bagehot program for her campaign finance coverage in the 1996 election.
Before coming to The Times, Wayne was a regional and business reporter at The Philadelphia Inquirer and before that, a political and state house reporter at The News and Observer in Raleigh, N.C.
Wayne has appeared on numerous television and radio shows, as well as The Times videos, podcasts and the political blogs. A native of Detroit, she now lives in New York.
The issue this time is a proposed tax on stock trading as a way to pay down the national debt. Cramer has been criticized in the past year for changing his views on the stock market and specific investments.
Whitehouse writes, “‘I am against the trader tax,’ Cramer declared yesterday on MSNBC’s ‘Morning Joe’ show. ‘I don’t want this tax because it will discourage people from coming back into the market.’
“The comments marked an abrupt turnabout for the 54-year-old former hedge fund manager and host of CNBC’s ‘Mad Money.’ Last week Cramer triggered a firestorm from fans, traders and subscribers to his financial Web site, TheStreet.com, when he threw his support behind a Democrat-proposed plan to charge a 0.25 percent tax on the sale and purchase of stocks and other securities as a way to finance job growth and pay down the deficit.
“Proponents of the tax, which is part of a broader bill called ‘Let Wall Street Pay for the Restoration of Main Street Act,’ say it could raise between $50 billion and $150 billion.
“That led Cramer last Tuesday to tell fellow CNBC host Erin Burnett, ‘”If this can help create some jobs, then I am in favor it, and if people are against that or against me for saying that I am pro-jobs, they got a real problem because they are just dead wrong and selfish.’”
Read more here.
CNBC “Mad Money” host Jim Cramer was at the University of Oklahoma on Friday for a taping, and Don Mecoy of The Oklahoman talked to him about his show.
Mecoy writes, “‘Iâ€™m an entertainer about business â€” a business entertainer,’ he said a few hours before taping his show while at OU. ‘Iâ€™m a televangelist for money. I do a one-man sports show about business.’
“When asked about his regrets, Cramer immediately recalls some bad recent market calls.
“‘I try to do a good show every night, but Iâ€™m very critical of myself,’ he said.
“He believes he was humiliated during a confrontational appearance on ‘The Daily Show With Jon Stewart‘ but is proud that he maintained his composure â€” and that his spot produced a bump in ‘Mad Money’ ratings.
“‘(Stewart) apologized to me immediately after the cameras went off,’ he said. Cramer said he would appear on the show again only if Stewart would make his apology public.”
Julia Seymour of the Business & Media Institute writes that Newsweek, ABC and other media have claimed that the recession is over, while others disagree.
Seymour writes, “CNBCâ€™s Jim Cramer, BusinessWeek economics editor Peter Coy and even left-wing economist Dean Baker disagreed that the recession is over.
“Cramer told MSNBCâ€™s Donnie Deutsch on July 27 that ‘this is way too premature’ and that Newsweek was six months early.
“Baker had even choicer words on Politicoâ€™s Arena, saying that ‘only economists and Washington pundits are going to be blathering about a recovery.’”
Read more here.
Rick Munarriz of The Motley Fool writes about CNBC “Mad Money” host Jim Cramer and how he finds him both entertaining but frustrating to watch.
Munarriz writes, “Cramer is a polarizing figure. Some people love him. Some people hate him. Either way, everybody has an opinion on financial journalism’s reigning rock star.
“I’ll confess to being entertained — and on occasion enlightened — by the Mad Money star. However, there is nothing I hate more than when Cramer opens up the phones to kick off the Mad Money Lightning Round.
“In rat-a-tat-tat fashion, callers will swap booyahs and holler a ticker symbol Cramer’s way. They’ll get a snappy line or two in response, occasionally with a silly sound effect as an exclamation point.
“It may be entertaining to watch, but it’s the equivalent of nails against a chalkboard to me as an investor. After all, we’re all looking for stock ideas. It’s just not right to boil down due diligence to the ring of a cash register or a charging bull.”
Read more here.
Jim Cramer, the host of CNBC’s “Mad Money,” talked to Erin Burnett about recent coverage of Goldman Sachs’ bonuses and critiqued the stories, as well as the First Amendment.