Tag Archives: Marketwatch
Marketwatch media columnist Jon Friedman speculates Friday about how former television business journalist Louis Rukeyser, who died in 2006 at the age of 73, would have covered the current financial crisis.
Friedman writes, “Today, Rukeyser would have been just as popular as he was in his heyday. His time-honored approach would never go out of style with viewers.
“Michael Holland, a money manager in New York City who appeared many times on the show, told me on Thursday: ‘Lou would be viewing the news of today as a once-in-a-lifetime opportunity for fodder for the show.’
“Holland reckons that Rukeyser especially would have fun with the publicity-hungry Washington political figures.”
Read more here.Â
Friedman writes, “For better or worse, Cramer is back to his pre-Stewart ways. If Stewart fretted that Cramer had helped turn the stock market into a casino, complete with show-biz flourishes, he might need to start worrying all over again.
“I respect Cramer’s popularity on CNBC. And I’ve always felt that he had turned out to be his own worst enemy because of the way he eagerly dumbs down his immense knowledge of finance. When Cramer writes about the stock market for New York magazine, there is no better or more knowledgeable Wall Street pundit around. He is that good.
“But when he turns into his Mr. Hyde persona on television, his brilliance gets lost in the noise.
“Cramer has sold his soul to the TV devil. It’s too bad.”
Read more here.
Robert MacMillian of Reuters has posted a memo from Dow Jones & Co. CEO Les Hinton that explains how the parent company of The Wall Street Journal, Marketwatch and Dow Jones Newswires is cutting back on its benefits.
In the memo, Hinton states, “The Money Purchase Plan will be frozen as of July 3, 2009. The 401(k) Savings Plan will be enhanced. The net effect will be a lower rate of company contributions.
“The retiree healthcare subsidy will be curtailed for most employees effective Jan. 1, 2010. Current retirees or those employees who on Jan. 1, 2010, will be age 50 with at least 5 years of service or have 20 years of service regardless of age will continue to be eligible for a subsidy in a revised retiree healthcare plan.
“More details about the benefit program changes can be found here.
“The new retirement plans will apply to all non-IAPE* staff in the U.S. We intend to seek the same programs when we enter collective-bargaining negotiations with IAPE this year.”
Read more here.
The guidelines do not mention that they apply to Barron’s, another Dow Jones property.
The new guidelines include how business journalists should handle themselves using social networks such as Facebook and Twitter.
Here are some examples:
These ground rules should guide all news employeesâ€™ actions online, whether on Dow Jones sites or in social-networking, e-mail, personal blogs, or other sites outside Dow Jones.
- Never misrepresent yourself using a false name when youâ€™re acting on behalf of your Dow Jones publication or service. When soliciting information from readers and interview subjects you must identify yourself as a reporter for the Journal, Newswires or MarketWatch and be tonally neutral in your questions.
- Base all comments posted in your role as a Dow Jones employee in the facts, drawing from and citing your reporting when appropriate. Sharing your personal opinions, as well as expressing partisan political views, whether on Dow Jones sites or on the larger Web, could open us to criticism that we have biases and could make a reporter ineligible to cover topics in the future for Dow Jones.
- Donâ€™t recruit friends or family to promote or defend your work.
- Consult your editor before â€œconnectingâ€ to or â€œfriendingâ€ any reporting contacts who may need to be treated as confidential sources. Openly â€œfriendingâ€ sources is akin to publicly publishing your Rolodex.
Read all of the new Dow Jones ethical guidelines here, courtesy of Kevin Roderick at LAObserved.
Dave Callaway, the editor in chief of Marketwatch, writes Tuesday about the changes at the financial news Web site.
Callaway writes, “We’ve updated our video display units to accommodate a growing number of financial and economic videos from MarketWatch and its partners in The Wall Street Journal Digital Network. We’ve pushed our growing Community coverage to the front page so readers can interact directly with the news editors and with one another. And we’ve simplified our navigation to focus on your favorite subjects, such as markets, investing, personal finance and economics and politics.
“Inside the site is a new product called the News Viewer: a scrolling dynamic news feed of MarketWatch stories and stories from the network, along with press releases and content from our many partners. And we’ve updated award-winning areas of the site such as real estate, mutual funds and exchange-traded funds so readers get crisper data along with expert analysis.
“At a time when so much is at stake for investors, savers and anybody worried about the recession, our competitors are cutting costs and hunkering down. MarketWatch is taking the opposite tack. Now is the time to expand and give readers even more of the cutting-edge news, data, commentary and analysis they’ve come to know us for — but in a faster, more digestible format.”
Read more here.
Robert MacMillan of Reuters writes about Marketwatch‘s redesign, which was launched on Tuesday and aims to put it on the same level as its Dow Jones & Co. brethren Dow Jones Newswires and The Wall Street Journal.
MacMillan writes, “The site will feature new layout, as well as more content, stock quotes on demand, customized data and charts. It will offer breaking news, analysis and market data in automatic updates, similar to news wires such as Bloomberg and Reuters.
“It also plans to refine its focus on markets coverage, increase its technology story coverage, step up its presence overseas in places such as Japan, Israel and Canada and emphasize commentary — a growing trend among news outlets trying to branch out beyond offering ‘commodity’ daily news.
“The move is an attempt to bring in a wider class of advertisers, going beyond the usual financial services firms to include technology and luxury goods makers.”
Read more here.
Friedman writes, “In an interview Wednesday afternoon, MSNBC President Phil Griffin and Ratigan stressed they weren’t concerned about Ratigan pulling CNBC’s viewers with him to MSNBC.
“‘We thought about it,’ Griffin said. ‘It’s not an issue.’
“‘It’s a totally valid point,’ Ratigan said. ‘But we’re going to do a show about policy and politics. I think people watch CNBC (for news about) managing money. I’m not going to talk about money.’
Griffin stressed that Ratigan would help MSNBC expand its offerings by having Ratigan follow the popular ‘Morning Joe’ program, where he had done well when he appeared on behalf of CNBC to discuss Wall Street and the financial markets.
Read more here.
Marketwatch media columnist Jon Friedman writes Friday about former colleague Julie Rannazzisi, who died five years ago today and covered the stock market as New York bureau chief.
Friedman writes that Rannazzisi would have abhorred today’s state of business journalism, where scoops have less importance because new media forms have overtaken daily newspapers.
He writes, “When I think about the explosion of news and information on the collapse of Wall Street, the sordid ways of Bernard Madoff and the explosion of interest in the stock market, I think of Julie.
“She would have loved to cover this upheaval. She would have tried to make sense of the insanity and help readers understand what the hell is going on.
“One of Julie’s gifts as a reporter was her skepticism. She had little patience for the kind of hype that is now a way of life in the stock market. She basically asked one question when she assessed a public company’s position and prospects: What is its stock doing?
“Julie would echo the cold, hard wisdom of football coach Bill Parcells. He used to say: ‘You are what your record says you are.’”
Read more here.
Weidner will pen a column every Thursday for WSJ.com, beginning today with a look at the mythologizing of analyst Meredith Whitney.
In addition to his regular columns on MarketWatch, he will also contribute to WSJ.comâ€™s MarketBeat blog, which looks under the hood of Wall Street each day, finding market-moving news and analyzing interesting trends and numbers.
A journalist for more than a decade, Weidner formerly covered M&A and financial services at The Daily Deal, American Banker and Dow Jones.
Here is a sample:
1) Stress the news: Make sure its anchors dial down the glib quotient in the broadcasts. I don’t care how well the “Squawk Box” crew gets along or how bright and chirpy they are every morning. For instance, I want Joe Kernen to apply his wit and intelligence to analyzing the news and not going off on tangents. With the stock market in disarray, all I need to know is what’s going on in the news. Save the lighthearted chatter for the next bull market.
2) Focus on analysis: Journalists do their best work when they can explain what is going on — not only why things have happened, but what a news event means in the context of the times. CNBC, God knows, has the resources as well as the institutional knowledge to be a wonderfully reliable source for explanatory journalism. Instead of the banter that CNBC’s on-air stars often are regrettably known for, I want to hear these folks tell me not only why the big news event of the day is important, but also how it fits into patterns and trends.
Read more here.