Tag Archives: Markets coverage

Staffer Vigna named to WSJ’s MarketBeat blog

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Francesco Guerrera, the money & investing editor at The Wall Street Journal, made the following staff announcement on Friday:

We are delighted to announce that Paul Vigna will join our MarketBeat blog from next week. Working with Steven Russolillo, who has done an amazing job as the sole blogger for several months, and under the expert guidance of Stephen Grocer, our Blogs Editor, Paul will add depth and breadth to our coverage, bolstering what is already one of the most popular blogs in the Wall Street Journal’s universe, read by traders, Wall Streeters and individual investors alike.

Paul has been a writer and editor for Market Talk on Dow Jones Newswires since 2005, and was instrumental in developing its tone and voice. Prior to that, he was an assistant news editor on the enterprise desk, and before that was a copy editor on the spot news desk. He started at Dow Jones in 1997.

He is, of course, also a video star on WSJ.com, hosting his morning show and appearing on several others. In his new role, Paul will continue to host the show and will work with Steve, Stephen and the production teams to better integrate its content with MarketBeat.

Paul got his start in journalism career as a reporter, editor and photographer at the Verona-Cedar Grove Times, from 1991 to 1997. He graduated from Fairfield University in Connecticut with a BA in English in 1990. He received the New Jersey Press Association awards in 1997 for feature writing and photography.

Please join us in welcoming Paul to our team.

Motley Fool plans IPO on Monday

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The following e-mail was sent out to Motley Fool contributors on Sunday by David Gardner and Tom Gardner, the founders of the personal finance news service:

To our friends, to family, to any twerps who doubted us, and to the many millions who make The Motley Fool home to the world’s greatest investment community:

We finally have the opportunity to fulfill our destiny. A day that many of you have asked for — begged for, really — is here.

The Motley Fool is going public.

You got it right.

We’re tying our wagon to a moonbeam and creating the mother of all exit strategies designed to get as many shares as possible into the hands of Fools like you.

Here are five key things to know about our IPO:

1. Available to Fools ONLY
Our top priority is to make sure you can buy as many shares of our company as possible before the stock trades on the open market. We’ve always let you go first in our membership portfolios; this is no different. These shares are available only to you, today, at Fool.com.

2. Your Pre-IPO Price
We’ve been working ridiculously hard for the last 4.5 weeks to make sure we nail this. And our team of quantitative stars — including two past winners of the Nobel Prize in Economic Sciences — has set our pre-IPO price of $4.01. Wait till you hear how ridiculous of a bargain that is.

3. Expected First Trade
That same team estimates that our stock will trade around $28 when it debuts tomorrow morning. Our underwriter-auditor Coopers & Andersen priced the offering at $16 to $18 per ticket (el cheapo, for reasons explained below). We fully expect to blow through that price as our PR team whips up a media frenzy at daybreak.

Simply put, our models cannot generate a scenario where Motley Fool stock does not make it past $25 per share. Think about this: You will make four to seven times your money within a day.

4. The Exhaustive Approach to Supply
We’ve waited nearly 20 years to be able to set up a system like this. Nothing will stop it now. In order to guarantee that every Motley Fool member has access to an abundance of shares at that $4.01 price, we two founders will be selling virtually our entire stake in the pre-after-hours market today.

We’ll do fine, even with that sinful discount — don’t worry about us. What you should be worrying about is how your offspring will treat you if you look this seven-bagger gift horse in the mouth.

5. Deadline: Midnight Tonight
And there’s no reason to wait for that deadline.

We have already begun taking orders, and we’re thrilled by the early response. There’s no sales pitch necessary here. You’re buying a company you know, from us, with a community of buyers alongside you. And while we obviously hope you’ll consider holding your shares for the long term, we won’t frown at anyone selling a seven-bagger in less than 24 hours.

Read more here, including the company’s S-1 filing, which has a coupon for half off one share of Apple stock.

Why there are no leaks from “Mad Money”

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Joe Weisenthal of Business Insider writes about the lack of lacks about the content produced for “Mad Money,” the CNBC investing show hosted by Jim Cramer.

Weisenthal writes, “We’re here at the NYSE, where we just listened to Mad Money host and all around media guru Jim Cramer talk about his day, and what goes into Mad Money.

“There’s a lot of stuff that we’ll get into, but there was one thing that struck us particularly interesting: Why don’t any of Cramer’s recommendations ever leak out, given that the show is recorded right at 4 PM, and doesn’t air until later in the evening?

“He explained, only 5 people ever see the script, and then: ‘If I fear someone has leaked, I fire them.’ He might ask questions later, but there is ‘No due process.’

“Furthermore, anyone who calls in to ask a question is on mute, and can’t hear any of the show while they wait.”

Read more here.

DJ FX Trader looking for ME in London

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Jim Pinsiero, deputy managing editor of The Wall Street Journal, sent out the following e-mail on Wednesday:

DJ FX Trader, a joint venture of Dow Jones Newswires and The Wall Street Journal, is seeking a managing editor to lead our forex, fixed income and macroeconomics coverage in Europe, the Middle East and Africa.  The job is based in London.

The successful candidate will manage a core team of editors and reporters, while working closely with other DJN and WSJ journalists across the region to drive coverage that moves the needle for this essential market.

Experience managing reporters and editors that break news is essential.  DJ FX Trader requires agenda-setting  news coverage for our demanding audience of traders and market professionals. While exclusive real-time news is the service’s top priority, the successful candidate must be able to lead coverage of complex and evolving topics such as the eurozone debt crisis for all of our platforms: real-time, web, mobile and print. It is a challenging assignment, and for the right person it will be both  exhilarating and rewarding.

Interested? Apply to Gabriella Stern, Jim Pensiero or Gren Manuel.

Libel suit filed against freelance biz journalist, CNBC.com staffer

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Chandra Johnson Greene of the Stamford Patch reports that a libel lawsuit against freelance business journalist Teri Buhl and CNBC.com writer John Carney is headed to a judge in May.

Greene writes, “According to the suit, filed in January in state Superior Court in Stamford, Mitchell Vazquez is seeking $15,000 in monetary damages and $100,000 in punitive damages from Teri Buhl and the New York-based television network.

“The suit alleges Buhl posted a story on her blog in December containing ‘false and defamatory’ statements. The post, dated Dec. 30, 2011, and updated on Jan. 5, accused Vazquez of violating orders given by the U.S. Commodity Futures Trading Commission following an investigation into his company’s trading practices between 1999 and 2001. In addition, Buhl wrote that Vazquez might have traded under his girlfriend Pamela Mercedes Chiesi’s name in 2009 to get around the CFTC’s orders and ‘[lied] to… clients about the value of some derivative contracts’ while serving as a trader for Bankers Trust in 1996.

“Also according to the complaint, John Carney, a senior editor at NBC Universal-owned CNBC.com, published an online article on Jan. 6 urging readers to read Buhl’s post about Vazquez and provided a hyperlink to her site. ‘I don’t want to steal Buhl’s thunder, so click on her report for the big reveal,’ Carney wrote.

“Carney did not respond to a request for comment.”

Read more here.

Bloomberg stocks editor gets promotion

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Joanna Ossinger, a stocks editor at Bloomberg News focusing on U.S. markets and global options coverage, has been promoted to deputy team leader for the Bloomberg First Word product.

The team leader is Brad Skillman, and the managing editor is Kevin Reynolds.

First Word is Bloomberg’s news product directly aimed at real-time investors that launched in 2010. Ossinger posted the job change on her Facebook page Tuesday night and said that she would start the new position late next month.

Ossinger, who is a board member of the Society of American Business Editors and Writers, joined Bloomberg in February 2010 after spending 14 months at Fox Business Network as a senior editor. Before that, she was with the Wall Street Journal for four years as a reporter and editor.

Ossinger has a master’s degree in public policy from Georgetown University, and a dual BA cum laude in chemistry and classical civilizations from Cornell University. She is a native of Colorado.

How NYTimes’ Henriques developed pen pal relationship with Madoff

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Diana Henriques, a New York Times reporter who is now a Forbes contributor, talks with Tom Post of Forbes about how he developed a relationship with convicted Ponzi schemer Bernie Madoff through letter writing and e-mail correspondence.

Has the business press failed the public trust?

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Below is the video of the panel held last week at the Columbia University Graduate School of Journalism on whether business journalism failed to do its job in warning the general public before the economic crisis that began in 2008.

The panel included New York Times business editor Larry Ingrassia, Felix Salmon of Reuters, and Columbia Journalism Review’s Dean Starkman. Read more about the event here.

Why are we writing stories about lower Wall Street pay?

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Yvette Kantrow, the executive editor of The Deal, wonders why business journalism is falling all over itself, particularly a Bloomberg News story, to cover how Wall Streeters are seeing a decline in pay and bonuses.

Kantrow writes, “First of all, the Bloomberg story hardly qualifies as investigative journalism and offers little in the way of news; that rich people, however you define that term, don’t like making or having less money than they used to — who does? — is hardly a startling or even useful insight. Then there’s the hypocrisy of making fun of the story’s participants for trying to save money by clipping coupons and reading supermarket circulars. After all, hasn’t the personal finance press — aka the latte police — been offering such absurd advice for years?

“No matter. The general consensus is that the people in the Bloomberg piece should just shut up so we can all better focus on those with real money problems. CJR’s Audit, for one, offers up The Huffington Post’s first entry in a planned yearlong series on the lives of America’s middle class and poor as an antidote for those who didn’t see the ‘ridiculousness’ of the complaints lodged by Abelson’s whiners. Indeed, HuffPost’s story on a 23-year-old named Brooklyn Davis is wrenching. Poor, unemployed and behind on child care payments, Davis hopes to land a minimum-wage cleaning job at a hotel that will cost him $5.50 a day in bus fare. ‘Statistically speaking, Davis, like his parents, faces surprisingly high odds against ever escaping poverty — regardless of what happens in the wider economy,’ the story reports.

“The Audit is correct; Davis’ woes certainly puts the lack of a dishwasher in perspective. But while the media has made Schiff something of a household name, it has done relatively little to publicize Davis and his plight. The HuffPost story has not been widely cited or linked to by others, and its author, Tom Zeller Jr., has yet to be celebrated à la Abelson. Maybe that will come. The truth is, for an eyeball-hungry media, it’s a lot more fruitful to make fun of the rich than to dig into the real and pressing problems of the poor. Schadenfreude beats empathy every day.”

Read more here.

WSJ names digital editor for markets

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Francesco Guerrera, the editor of the money and investing section of The Wall Street Journal, made the following staff announcement on Tuesday:

We are delighted to announce the appointment of Janet Paskin as Digital Editor, Markets.

In her new role, Janet will oversee and manage the new Markets’ Stream story and mobile application, as well as taking responsibility for driving online coverage by the Money & Investing Group.

A talented journalist with vast experience in both print and online, Janet has been the editor of Smartmoney.com and personal finance editor of WSJ.com for the past 18 months. During her tenure she led an overhaul of the look and feel of the SmartMoney website, adding new features and refreshing its design. The results have been excellent, with traffic to articles increasing more than 40% in 2011.

Before that, Janet worked as a reporter at SmartMoney magazine and Money magazine – honing skills first developed as a ferocious sports reporter in Long Island and Philadelphia.

Janet will co-report to Francesco and Raju and work very closely with our first-class online team that includes Brian Hershberg, the real-time deputy for the Markets desk; Stephen Grocer, M&I’S  Blogs Editor; and WSJ.com’s Kate Milani on the Hub.

Please join us in welcoming Janet to her new role.