Tag Archives: Marketwatch

Union will still fight for better benefits

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Steve Yount, the president of the union that represents business journalists at Dow Jones & Co., sent the following e-mail to its members Monday about the new contract that was approved last week:

IAPE“The retro payments and the wage increases will appear in your paycheck as soon as they can be processed by payroll. The changes in the vacation/holiday/sick time policies and health care will take effect January 1, 2008. All those covered by this contract will receive two additional personal days to be used between now and the end of the year.

“Thank you for your vote and thank you for being engaged in the debate — but this is not the end of the process. In many ways, this is just the beginning. Every one of us must continue the efforts we’ve been making over the past years to build IAPE — to create a
union which can truly respond to our needs. We must continue to defend the contract and enforce the terms we’ve just won. Every eligible employee must continue to file for overtime, every time — and continue to file for premium pay every time we’re required to
work on a day off. We must continue the efforts to win improvements in working conditions and give our colleagues a real voice in dealing with managers who can’t seem to effectively manage.

“How well we do that job — together — over the next two years will go a long way in determining how we fare at the bargaining table with News Corp. in 2010. The stronger — and more relevant — we make our union, day-in-and-day-out, the better prepared we’ll be to deal with life as part of News Corp.

“Our commitment has to be unchanged and unbreakable: This is your union. IAPE exists solely to defend and promote your interests. That fight continues long after the headlines fade. For IAPE to be successful, you have to remain engaged and active.

“We’ve said it from the very beginning: Contract bargaining is not about what’s fair or what we deserve. The contracts we win are exactly what we’re strong enough to take. Getting stronger depends on how well we defend ourselves, each and every day. Getting stronger depends on a public display of solidarity– and a personal commitment
to each other.”

Dow Jones properties cancel CNBC ads slated to run on Monday

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Bill Carter of The New York Times writes for Monday’s paper that CNBC ads scheduled to run Monday on The Wall Street Journal and Marketwatch web sites are now not running.

Fox Business NetworkMonday is the day that Fox Business Network launches, and its parent is News Corp., which is acquiring the parent company of The Journal and Marketwatch.

Carter wrote, “In the case of MarketWatch, CNBC had bought both an introduction ad for the site — meaning that every user on the site today would have seen an ad for CNBC before getting to the MarketWatch home page — as well as what is called a ‘road block’ of ads — meaning CNBC would have been the exclusive advertiser on the site’s home page today.

“The decision to drop the ads from the Wall Street Journal site was even more significant because CNBC has been advertising on the site’s market data page every day since Oct. 1 and had a deal for ads to run daily for two months. The CNBC ads on the market data page were also to be removed for today only.

“Buyers from Spark Communications, the ad agency that made the purchase for CNBC, said that they had an official signed contract to run the ads. The Spark buyers, who asked not to be identified because of potential future business dealings with the company, said that the Web site representatives were apologetic for breaking the contract and promised to replace the ads and give CNBC a discount on future advertising, worth almost double the value of the original ads.”

Read more here.

Fox Business Network schedule revealed

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Michael Learmonth of Variety has some details about what the Fox Business Network schedule will look like when it hits the air on Monday.

VarietyLearmonth wrote, “The net launched a new stock index it calls the ‘Fox 50,’ a basket of big-cap consumer stocks including Nike, Coca-Cola, FedEx and AT&T. The index was listed Friday on Marketwatch.com, part of Dow Jones, which will soon become part of the News Corp. empire.

“Headliners include Alexis Glick, who will helm the critical morning hours of the network, followed by former Sacramento radio host Tom Sullivan. Cavuto and David Asman will host hours after the closing bell and Nashville-based personal-finance guru Dave Ramsey has a show in primetime.

“One program, “Happy Hour,” will shoot live in the wood-burled Bull & Bear bar inside Gotham’s Waldorf Astoria Hotel.”

Read more here.

Assessing Marketwatch's future as a News Corp. subsidiary

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Dan Fost of the San Francisco Chronicle looks at business news website Marketwatch as it celebrates its 10th anniversary and is part of the deal where News Corp. CEO Rupert Murdoch is acquiring Dow Jones & Co., its parent.

MarketwatchFost wrote, “Ali, at PaidContent, says MarketWatch has languished since joining Dow Jones, as top executives like Kramer and President Kathy Yates have left. (Kramer is on PaidContent’s board.) ‘At this point, MarketWatch is in an identity crisis,’ he said. ‘Everything has been in a holding pattern.’

“Things have started picking up in the past six months, he said, and he praised MarketWatch’s video efforts. The company said it has contributed to a 70 percent increase from July to August in video traffic across all Dow Jones Web sites.

“Ali also praised MarketWatch’s ‘community tools’ initiative, an effort to harness its audience in a way that’s become popular on sites using the Web 2.0 rubrics of sharing and social networking. ‘We’re opening up our site to giving our readers a voice,’ general manager Bernard said. The site hopes to aggregate the readers’ comments to see if some deeper, more useful information can be gleaned.

“Such initiatives are typical of MarketWatch’s role in Dow Jones, according to Dow Jones spokeswoman Christine Mohan. ‘Its culture has always been very innovative,’ Mohan said. ‘They’re always trying new things. We think of them as our think tank, almost as a Skunk Works.’”

Read more here.

Thom Calandra has seen the light

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When the business journalism world last heard from Thom Calandra, a co-founder and columnist at CBSMarketwatch.com, he was being forced to resign after the SEC went after him.

Calandra had failed to disclose that he held positions in stocks that he was writing about in a positive fashion and was selling them shortly after publication. He settled with the SEC in January 2005, agreeing to pay more than $540,000 in penalties.

Now, Calandra is talking about his rise and fall with Stockhouse.com executive editor Darin Diehl and publishing excerpts of his book “Pablo by Numbers” on the site as well. He discloses that he also has a stake in Vator.TV, the web site started by former Marketwatch columnist Bambi Francisco.

“When I became the subject of the inquiry that changed my life and when I got the letter in the mail, hearing from the SEC was the best thing that ever could have happened to me at that point in my professional life,” says Calandra in the interview. “The enforcement folks in the San Francisco office, I consider them my guardian angels in a way. Even if they did kick the fiscal beans out of me.”

Diehl says Calandra’s cautionary tale is of interest.

“Stockhouse is a stock market news and information site for hundreds of thousands of retail investors interested in the markets – many of whom followed Thom Calandra,” says Diehl. “The interview and book excerpts will give investors a fresh perspective on Mr. Calandra, his view of the markets then and now, and lessons learned from his missteps.”

Dow Jones business journalists approve new contract

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Business reporters at Dow Jones & Co. properties such as The Wall Street Journal, Barron’s and Marketwatch have approved a new contract negotiated with the union.

Dow JonesHere is the text of the e-mail sent to members:

The IAPE Election Committee has been informed by TrueBallot Inc. that a majority of eligible voters have voted to accept the Dow Jones contract offer. The Committee declares the Dow Jones contract ratified.

Of 1,402 eligible voters, 921 cast ballots for a return rate of 65.69%.

831 — or 90.23% — voted “Yes, I accept the contract offer.”

90 — 9.77% — voted “No, I reject the contract offer.”

The new contract gives the journalists a 3 percent raise each year, including one retroactive to Feb. 1 of this year. If they had not approved the contract by Oct. 15, the raise would have been 2.75 percent for this year, 3 percent for the year beginning Feb. 1, 2008, and 2.75 for the year beginning Feb. 1, 2009.

The business media and Henry Blodget

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David Weidner of Marketwatch wants to know why so many business news outlets are giving disgraced former Wall Street analyst Henry Blodget a chance to espouse his beliefs again.

Henry BlodgetWeidner notes that Blodget wrote in a New York Times special section on Wednesday.

Weidner wrote, “Andrew Ross Sorkin, who edited the special section, said Times editors actually had to strengthen Blodget’s original disclaimer which must have read something like ‘A few years ago, I left a successful career as a Wall Street analyst — renowned by regulators for my bullishness to spend time with less money.’

“Sorkin, who saw Blodget at a cocktail party and was inspired to ask the former analyst to write a piece, said ‘of all the people who have a unique perspective on a boom-and-bust cycle, Henry Blodget may well be at the top of your list.’

“He called Blodget’s work ‘an opportunity for readers.’ He also accurately extolled Blodget’s writing. Blodget worked as a journalist before becoming an analyst.

“It’s easy to see Sorkin’s, or any editor’s, motive in commissioning a piece from Blodget. He is famous, a good writer, smart and controversial. Critics might say he’s also a proven phony. To suggest he has some kind of unique perspective is disingenuous.”

Read more here.

Michaels was a paradoxical, ruthless leader

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Peter Brimelow of Marketwatch remembers Thursday what it was like to work for former Forbes editor Jim Michaels, who died Tuesday at the age of 86.

Peter BrimelowBrimelow wrote, “Michaels when I knew him in his last decades at Forbes came across as a nice little old man. But he was in fact ruthless to the point of cruelty and intellectually restless to the point of mania. The paradoxical result, a case study in leadership, was that the staffers he respected male and female, liberal and conservative, he was only concerned with results adored him, albeit always nervously.

“Forbes under Michaels had a peculiar political structure. There was an absentee owner, first Malcolm Forbes and then his son Steve. We never saw them on the editorial floor. There was the manager, Michaels. And then there were underlings, who all without exception were subject to Michaels’ merciless lash.

“Michaels was an instinctive proponent of Mao’s theory of permanent revolution. He once remarked to me that, if it were left to the staff, the cover of the magazine would be set three issues in advance, regardless of immediacy. Accordingly, his regular practice was to arrive back from vacation in the middle of the process of going to press, scrap the cover, kill stories, tear apart the layout and generally crush the egos and otherwise entertain the subordinate editors who had been left nominally in charge.”

Read more here.

Dow Jones journalists will start voting Thursday

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Business journalists who work for Dow Jones & Co. properties such as The Wall Street Journal, Barron’s and Marketwatch will vote whether to ratify a new contract with the company beginning Thursday, according to an e-mail sent to reporters and editors obtained by Talking Biz News.

IAPE 1096The journalists — eligible members of the Independent Association of Publishers Employees in good standing on Sept. 28 — will receive their ballots by e-mail on Thursday.

The deadline to vote is 9 a.m. on Oct. 12. The ballots will be counted beginning at 11 a.m. that same day.

The union is recommending that its members ratify the contract, but Journal reporter Jim Browning stated last month that the contract was not the best deal that the journalists could have gotten.

Creating a sense of urgency is the fact that News Corp. CEO Rupert Murdoch will acquire the company by the end of the year.

FCC commissioner expresses concern about Dow Jones deal

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Corey Boles of The Wall Street Journal writes Friday that Federal Communications Commissioner Michael Copps has expressed concern about the pending acquisition of Dow Jones & Co., the paent of The Journal, Barron’s and Marketwatch, by News Corp. CEO Rupert Murdoch.

Dow JonesBoles wrote, “He expressed concerns over the impact on diversity in both the New York City and national media markets. Mr. Copps noted, however, that there didn’t seem to be any appetite on the part of Republican Chairman Kevin Martin to take a look at the Dow Jones sale.

“There is some question over whether the FCC’s local media ownership rules would apply to The Wall Street Journal, which is headquartered in New York where News Corp. owns two television stations. Those rules state that a company can’t own a television station and newspaper in the same market. Mr. Murdoch currently has a waiver from the rules in connection to his ownership of the N.Y. Post.

“Mr. Copps believes they should apply to the Dow Jones sale.”

Read more here.