Tag Archives: Maria Bartiromo
As of 10:20 p.m. Sunday, the new CNBC site has gone live. The business news cable network had said that it would officially launch on Dec. 4, splitting itself from MSN Money, where it had posted news and information for the past six months.
The network is planning a huge day on Monday to attract site visits. CNBC’s Steve Liesman will have an exclusive interview on the web site with Chicago Federal Reserve Bank president Michael Moskow on Monday at 9:01 a.m. EST. At noon, Maria Bartiromo will interview Goldman Sachs market strategist Abby Joseph Cohen on the web site.
Throughout the day there will be “Market in a Minute” video broadcasts on the site. Bartiromo will anchor the first one at 9 a.m.
The web site plans to air between three and eight hours of live programming daily, primarily covering events that could move markets. The site also has more than 15,000 videos of business and financial leaders available in a database, and will add 75 new videos each day.
In addition, there are seven blogs on the site being written by CNBC reporters. Among them are “Media Money” by Julia Boorstin, who came over earlier this year from Fortune, and a sports business blog written by Darren Rovell, formerly with ESPN.com. Boorstin’s blog, as well as the “Realty Check” with Diana Olick, only have two posts, while Rovell’s blog has at least a dozen posts from the past week, and some good stories.
The site also has a list of people who will be appearing on the network’s various TV shows, from “Squawk Box” to “Power Lunch” and “Street Signs.” The shows will have also their own blogs that will be updated daily.
CNBC President Mark Hoffman stated on the home page: “The extraordinary team at CNBC has created a Web site that combines all of the journalistic and production assets you have relied on for years on CNBC-TV. We’ll be gathering financial news from around the world with the latest in online technology to deliver a truly groundbreaking web experience.
“As you explore cnbc.com you will discover aggressive breaking business news coverage, in-depth analysis, and exceptional investment tools which you can personalize to best serve your needs. In addition–cnbc.com has the most extensive business video in web history, live video programming, a substantial list of topical blogs from CNBC’s anchors and reporters, and much more.
“Thank you for taking a look at the new cnbc.com. We hope you’ll be with us often on-air and online.”
First impressions: The site will be giving TheStreet.com, MarketWatch and others a run for their money. The site is nicely laid out with a good color scheme. And I like the ticker.
Business & Media Institute’s Ken Shepherd noted that CBS and NBC took widely divergent reporting tacks when covering the record close of the Dow Jones industrial average on Tuesday.Shepherd wrote, “While CBSâ€™s Anthony Mason offered qualified praise for the marketâ€™s recent rally, he sowed seeds of doubt about the marketâ€™s strength. Mason highlighted a retiree who ‘doesnâ€™t trust this new rally’ and then warned that ‘some Wall Street analysts see another bubble in the economy’ with real estate.
“The business reporter opened his story with the good news. ‘It took nearly seven years for the closing bell to ring in a new high for the Dow, but Wall Street was hardly going wild,’ he told viewers. Then he aired a market analyst who downplayed the new record and compared it to a tied baseball game.
“Mason helped him out, further undercutting the good news. ‘But while the Dowâ€™s finally recovered, the tech-heavy Nasdaq is still worth less than half what it was six years ago,’ he added.
“That wasnâ€™t all. Mason made it clear that some were ‘suspicious’ about the market. ‘Sheâ€™s not alone,’ he said of one retiree who was still worried about the economy. ‘With existing home prices falling for the first time in more than a decade, and a new study showing homeowners spending more and more of their incomes on housing costs, some Wall Street analysts see another bubble in the economy.’
“Yet over on NBCâ€™s ‘Nightly News,’ market watcher Maria Bartiromo told anchor Brian Williams that a rising stock market and falling gasoline prices are boosting confidence in the economy as Americans head into the end-of-year shopping season. ‘People will be able to spend money, they donâ€™t have that pressure of high oil prices, high heating oil costs, and gasoline on their backs. So people are feeling good about the economy now,’ Bartiromo noted.”
Read more here. Just for the record, the Dow closed at another all-time high on Wednesday.
The TV Newser blog writes that business cable network CNBC’s coverage Tuesday of the Dow Jones industrial average closing at a new record reminded some viewers of its coverage before the tech bubble burst.
TV Newser wrote, “CNBC is pretty excited about the Dow’s record high. The Dow Jones Industrial Average set a new record of 11,727.34 today, beating the previous record of 11,722.98 in 2000.
“To celebrate, Maria Bartiromo is reporting live from the New York Stock Exchange, Bob Pisani is providing special perspective, Larry Kudlow will host a special edition of Kudlow & Co., and Dylan Ratigan will anchor a special edition of On The Money.
“Also: According to two tipsters, some CNBCers think management is ‘beating the Dow record to death…’
“Update: 10:28pm: ‘The Dow special is very reminiscent of the ‘Dow 9,000,’ ‘Dow 10,000,’ ‘Dow 11,000′ etc. specials CNBC used to do in the ‘good old days,’ an e-mailer says…”
Read more here.
Has there ever been a time where there was more upheaval and change in the business magazine business than what has occurred in the past four to six months?
I can think of only one other period — the time between September 1929 and February 1930, when both BusinessWeek and Fortune launched to compete against Forbes. Ironically, it was also a time of great upheaval in the business world as well, and I don’t see anything comparable in today’s corporate America.
Just to provide the big picture of what’s been going on, we’ve seen the naming of a new magazine Conde Nast Portfolio that won’t publish its first issue until the spring of 2007, yet has hired a number of high-priced business journalists for its masthead and generated a lot of attention for the money being thrown into its launch. Making things more interestins is the fact that Conde Nast is a private company, so profits aren’t an issue — at least not in the beginning.
Speaking of private companies, Forbes has remained a private for nearly 90 years, yet earlier this year the company sold a big minority stake in the business to a venture capital firm that counts U2 lead singer Bono as one of its investors. Forbes said that it needed the money to continue expanding, and it has made a big push to expand the presence of its Internet web site.
Fortune, meanwhile, is part of a public company that has announced that it wants to sell some of its magazines, but not Fortune, so that it can concentrate on some of its higher-profit publications. Fortune has also been in the hiring mode, as evidenced by some recent hires, and it has successfully fended off Portfolio from poaching some of its stars — notably Bethany McLean.
And then there is BusinessWeek, also owned by a public company. Under new editor Stephen Adler, the past 18 months have been a whirlwind of change, as he has added new columns by CNBC’s Maria Bartiromo and former GE CEO Jack Welch and his wife, Suzy. Having said that, there appears to be a number of talented people leaving the weekly, as evidenced by 12 people getting cut from the staff in late September. In addition, there is some institutional memory disappearing with the retirement of former ME Mark Morrison and others leaving for new jobs outside of McGraw-Hill.
And then there are those below what will become the Big Four once Portfolio hits the newsstands. Morninsgtar founder Joe Mansueto is trying to turn around Fast Company and Inc., while Time Warner’s Money has undergone an overall as well.
Right now, the winners appear to be Fortune and Forbes. What are they doing that the others aren’t? My impression is that they have identified an audience that was virtually unaffected by the changes in the businessworld in the aftermath of the dot-com bubble collapse. BusinessWeek, after dominating magazine awards for much of the 1990s, seems to be looking for a new identity that it has yet to find, and readers have noticed.
I also wonder if BusinessWeek is being affected for being too bullish on the Internet and technology companies that were the darlings of the 1990s. Having said that, Fortune doesn’t seem to be affected for having named Enron one of the most admired companies for years.
It will be interesting to see which one of the existing players will be affected by Portfolio, or whether Portfolio expands the business magazine market to new readers.
A brief in the New York Times on Sunday noted that CNBC anchor Maria Bartiromo still has a hard time balancing her work life and her personal life. Bartiromo is the subject of a cover story in Success magazine on the issue.
Reporter Jane Levere wrote, “‘I can’t say I have mastered that work-life balance â€” my life has been so much about work,’ she said at a party at Elaineâ€™s in New York last week celebrating her photo on the magazineâ€™s cover.
“Thatâ€™s not great news for working women who donâ€™t have the considerable resources available to a television star married to a wealthy investor. Still, she said that her husband, Jonathan L. Steinberg, a son of the corporate raider Saul P. Steinberg, helps her try to achieve balance. Their wealth, she said, lets her ‘take vacations if I can,’ and provide vacations for her family: She took her mother and sister to Paris for her motherâ€™s birthday, and is planning to send her parents to the Caribbean for their 50th anniversary.”
Read more here.
The magazine article, which can be read here, noted, “Once teased by the New York tabloids as the ‘Money Honey,’ Bartiromo is also becoming a media force to be reckoned with. Through hard work, tenacity and charm, Bartiromo is attracting a growing number of viewers and earning the respect of global CEOs-which has many financial print journalists in a tizzy.
“What makes Bartiromo a media threat today is her ability to access newsmaking CEOs-often on the very day they make themselves available to A-list print journalists. This means Bartiromo’s viewers get to see and hear the CEOs live that afternoon rather than waiting a day to read about them in the press. Even media Web pages can’t keep up. That means that Bartiromo is often breaking financial news-in real time.”
CNB’s Maria Bartiromo was in Pittsburgh earlier this week to speak to the Pennsylvania Governor’s Conference for Women and she spoke to Post-Gazette reporter Joyce Gannon about her career and about being in New York on Sept. 11.
Gannon wrote, “With a growing numbers of viewers and readers worldwide, she doesn’t mind being identified as the new face of business news.
“But it’s taken more than her sophisticated and stylish appearance to get her there, she said.
“‘Being a woman and attractive could get you to a certain spot. But it won’t keep you in the game because business news viewers are so savvy,” she said.
“‘Being a woman has been an advantage because frankly, some people would rather have lunch with me than another guy in a suit. But it can be a disadvantage. When I was the first reporter live on the floor of the New York Stock Exchange, it was male dominated and that mentality had been in place for 100 years. It hurt me.’”
Read more here.
Marketwatch media columnist Jon Friedman writes Wednesday that CNBC anchor Maria Bartiromo has become the best business journalist on television.
Friedman wrote, “Like a lot of people, I watched Bartiromo on TV for years and didn’t bother to look past the sex-kitten references. When viewers look closer, though, they will come to appreciate her straightforward, ‘less-is-more’ broadcasting approach. Forget the image. This is the unusual celebrity journalist who relishes doing nuts-and-bolts reporting — and it’s especially rare at CNBC, where clutter and clamor frequently pass for ‘journalism.’
“All too often, many of CNBC’s stars seem determined to define themselves as personalities, not reporters. Unless they’re discussing a bombshell or a juicy rumor, they can act as if assessing the day’s mundane financial news is somehow beneath them. This is unfortunate because stock-market junkies hunger for hard information, not happy talk.”
Later, Friedman noted, “Bartiromo still has room for improvement. I wish she could be a little tougher with CEOs during interviews. Her natural respect for powerful executives — and possibly her access to business tycoons — sometimes seems to prevent her from taking them to task.”
Read more here.
New York Times business reporter David Leonhardt writes in Wednesday’s paper about what he called one of the “more amazing performances in the history of CNBC.”
The performance was an interview that Maria Bartiromo did with Applied Micro Circuits leader Dave Rickey.
Leonhardt wrote, “Within a few minutes, he was making his pitch. His companyâ€™s products were not low-priced commodities, he said, and the long-term prospects looked as good as ever. ‘The demand for bandwidth,’ he explained, ‘is not only insatiable, but itâ€™s in its infancy.’
“At this point, Ms. Bartiromo reminded him that about a year earlier, he had dared investors not to own Applied Micro stock, and Mr. Rickey quickly reissued the challenge on CNBC. ‘You know, Maria, I am very bullish about the company. I think weâ€™re in the right space,’ he said. ‘I dare you not to own my stock now. But, you know, Iâ€™m kind of a gutsy guy, and I have a lot of confidence in what weâ€™re doing.’
“What made this so amazing was that Mr. Rickey had already come very close to accepting his own dare. Ms. Bartiromo never asked him about his own holdings of company stock, and he didnâ€™t volunteer the information, but it turns out he had sold more than 99 percent of his shares over the previous two years, for a profit of $170 million. He was unloading the same stock that he was urging investors to buy.”
Why does Leonhardt bring this up now, five years later? Because the company and Rickey are now part of a growing investigation by the SEC and the Justice Department over backdating of stock options to boost the profits of executives when exercising those options.
Concluded Leonhardt: “But the rest of us would do well to focus on how somebody could have become so rich while running a company so poorly. I donâ€™t think the solution needs to be complicated. The S.E.C. is already on the verge of requiring that companies do a better job disclosing what they are really paying their executives, in salary, options, pension, private plane use and everything else. The next, crucial step would be mandating that shareholders have the power to remove board members and elect alternatives, which is now nearly impossible. The people who own the company â€” the ones whose money is being used â€” need to have control over the purse strings.”
Read more here. What’s left unsaid is the fact that few business journalists, if any, were looking at the dates that stock options were being granted in proxies five and six years ago.
David Teather of the Guardian newspaper in London recently interviewed CNBC anchor Maria Bartiromo and wrote about the experience in the paper.
Teather wrote that Bartiromo has uncommon access as a business journalist and is one of the few with the power to move markets.
He wrote, “I meet her after she finishes a stint as a guest on the morning show of the European CNBC channel, from offices close to St Paul’s. She has come to London to attend a Google conference and interview the chief executive, Eric Schmidt. I have a cold and ponder whether or not I should offer to shake her hand – by experience Americans tend toward the germophobic and she could have been, well, a little starry. I err on the side of caution but probably need not have worried. By the end I am convinced she would have been perfectly happy to risk a dose of the sniffles.
“It is easy to see how Bartiromo, 38, wins over her interviewees and perhaps prompts the likes of Bernanke into indiscretions. She is charming and attentive, her voice softer than her TV persona’s. She bats away the inevitable money honey question with good grace. ‘I’m happy to have gotten noticed,’ she says. ‘Everybody asks me as if it’s like this thing I am supposed to get so upset about but I think it’s terrific frankly. It’s just something the tabloids came up with. No one really calls me that. I mean ‘hello money honey’? Of course not.’”
Read more here.
The New York Post is reporting that CNBC anchor Maria Bartiromo has shot a pilot for an afternoon talk show that could take her away from business journalism.
The story, which did not have a byline, stated, “It is believed that the yet-untitled talk show, produced by NBC, will focus on ‘women’s empowerment,’ according to a report in Crain’s New York Business.
“Bartiromo anchors ‘The Wall Street Journal Report’ and co-anchors ‘Closing Bell,’ both on CNBC — but she has long been talked about as break-out personality who might one day move over to mainstream TV.
“The prospect of a new show is also a way to lock her in at NBC, if a proposed Fox News business channel is launched and tries to poach her.”
Read more here.