Tag Archives: Marketwatch

Dow Jones launches news feed for traders

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Dow Jones & Co., the parent of the Wall Street Journal, Barron’s and Marketwatch, is launching a new elementized news feed that will deliver computer-readable news directly into quantitative analysis models and automated trading programs.

Dow JonesIn other words, stock and bond traders will be able to make trades almost instantly based on news stories.

A Dow Jones story stated, “The New York-based media company, which publishes this newswire, said the new format permits trading models and computers to interpret headlines and trade on news within milliseconds.

“The feed provides market-moving data elements for economic indicators from major countries and will cover public firms in the U.S. and U.K., providing earnings, other key corporate data and sentiment tagging, which signals whether news is significant or unexpected.

“Dow Jones said the feed also includes an archive of more than three years of elementized news for back-testing and statistical analysis of news flow and historical market reactions.”

Read more here. Competitor Reuters unveiled a similar system back in December.

OC Register biz section embraces the web

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Marketwatch media columnist Jon Friedman takes a look at how the Orange County Register’s business section has embraced using the Internet to keep its readers in his Friday column.

Jon FriedmanFriedman interviewed business editor Glenn Hall, who came to the paper two years ago from Bloomberg News.

He wrote, “The secret to the OCR’s online success will hinge on how well it can present information about local real-estate trends, an obsession among the region’s residents.

“‘We want to provide exclusive content that you can’t get anywhere else,’ Hall said. ‘Real estate was an obvious area to tap into.’

“The OCR’s Jon Lansner started a real-estate blog about a year ago, and it has received an encouraging response. Hall pointed out that the blog has amassed about 40,000 page views a week, with 11,500 comments posted since its debut. The headline Thursday for the Lansner on Real Estate blog was an eye-catcher: ‘SoCal new-home market seen in short-lived, severe disruption.’

“‘Jon’s own words are only a fraction of the content on that blog,’ Hall said. ‘This interactivity is very important. These aren’t passive readers.’ He added that the current challenge was to ‘monetize these clicks. We haven’t figured it our yet.’

“The paper launched a blog earlier this week called Mortgage Insider, by Mathew Padilla. It is off to a strong start: ‘We had 2,182 page views in the first morning (Monday) and 7,000, in total, by Wednesday,’ according to Hall.”

Read more here.

No progress in Dow Jones talks

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The union that represents business journalists at The Wall Street Journal, Barron’s and Marketwatch reported that negotiations on Wednesday did not result in any progress toward a new contract.

Dow JonesIn an updated posted on its web site, the Independent Association of Publishers Employees wrote, “Two weeks ago, we presented the company’s negotiators with detailed new proposals on healthcare, outsourcing, maternity/paternity benefits, child care and a variety of other issues. Wednesday we got their response: A big nothing.

“They told us that they were so uninterested in our proposals that they weren’t even going to bother submitting counter-proposals. They said they might consider a little something here or there, on standby pay, perhaps, or on the amount we are reimbursed for emergency child care.

“But on the core issues of healthcare, wages and outsourcing, they said they couldn’t be bothered to propose anything new. As for our family-friendly proposals to improve maternity/paternity benefits and access to child care centers – forget it, they said.

“‘Do not expect that we will have any fruitful discussions in these areas,’ they intoned.

Read more here.

New Dow Jones chairman talks

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M. Peter McPherson, the incomg chairman of the board at Dow Jones, the parent company of the Wall Street Journal, Barron’s and Marketwatch, talked to the Michigan State University paper, The State News, about his new duties.

Peter McPhersonMcPherson is the former president of the university.

Here are some excerpts:

The State News: President McPherson, what will your responsibilities include with this new position?

M. Peter McPherson: I’ll be working with the CEO to get the major issues that the board should decide on, on the agenda and being sure we have a process that makes those decisions. It is definitely not a CEO job because, of course, the CEO must run the corporation.

SN: Are you being groomed to become the company’s next CEO?

M. Peter McPherson: It’s not that at all. I am not a full-time employee. Major corporations have been separating the chair of the board and the jobs. Part of the good governance efforts is that there should be a separation of responsibility for the board to perform its functions well. Previous to now, we generally had the CEO be the chairman of the board, but now the decision is we will have a separate function.

Read more here.

Outgoing Dow Jones chairman gets $1.6 million in stock

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Dow Jones & Co., the parent of The Wall Street Journal, Barron’s and Marketwatch, filed an 8-K late Friday that disclosed it was giving outgoing chairman Peter Kann $1.6 million in stock, the Associated Press reported.

Peter KannThe AP story stated that it gave Kann, who was CEO of the company until the beginning of 2006, “42,704 shares of Dow Jones stock under an incentive program.

“Dow Jones announced on Wednesday that its board expects to elect independent director Peter McPherson as the company’s next chairman at its next shareholder meeting in April.

“Kann, who is 64, had previously also served as the company’s chief executive from 1991 until Feb. 1 of last year, when he was succeeded by Richard Zannino. The company had previously announced his plans to retire.”

Read more here. The SEC filing can be read here.

CNNMoney.com has most traffic of biz news sites

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CNNMoney.com was the most visited business-destination Web site of 2006, according to 12-month averages of the Nielsen/NetRatings Financial News and Information category, a story in Direct Marketing News stated.

Nicole Smith wrote, “The site beat competitors Forbes.com, Marketwatch.com, BusinessWeek.com and WSJ.com in number of unique visitors, page views and gross-usage minutes.

CNNMoney.com“CNNMoney.com hopes to solidify this title with a site redesign that will feature new interactive business applications and tools that cater to the needs of savvy investors and professionals. It will also add live streaming stock quotes that update automatically.

“A personalization module on the home page tracks the last 10 stock quotes viewed or a registered user’s portfolio. There are live quotes and a continuous live stream of company-specific news from CNNMoney.com sources and more than 100 external news feeds.”

Read more here.

Overstock CEO gets creepy with attacks on biz reporters

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Bloomberg columnist Susan Antilla writes Wednesday about the recent tactics taken by Overstock.com and CEO Patrick Byrne in attacking business reporters he believes are in cahoots with naked short sellers driving down his stock price.

Susan AntillaAntilla wrote, “Googlers got a little surprise last week if they went trolling for information about author Gary Weiss, a former Business Week magazine reporter well regarded for exposing bad guys in business.

“Two ads popped up directing readers to antisocialmedia.net, a Web site that says Weiss is a bad guy himself. It is part of a campaign that includes Overstock.com Inc. and its director of social media, Judd Bagley, a self-proclaimed user of ‘guerilla’ business strategies who says he runs the page independent of his employer. Weiss calls the page ‘a compendium of malicious lies.’”

Later, Antilla noted, “No slave to subtlety, Byrne appeared on CNBC last February and called Marketwatch.com columnist Herb Greenberg ‘a crooked reporter’ who was in cahoots with Gradient.

“Greenberg doesn’t have much nice to say about Byrne, either. ‘This guy has gone way over the line,’ he said in an interview. ‘I don’t think he knows the difference between fact and fiction.’”

And finally, Antilla pointed out: “In an e-mail reply to my questions, Byrne said that he was simply exposing wrongdoers, which include the malefactors who collude to destroy his stock. I would happily map out Byrne’s exact words, but he wouldn’t agree to an interview unless I only quoted full sentences from his e-mails. Brevity isn’t his style.”

Read more here.

Time for biz writers to write about business

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Thomas Kostigen of Marketwatch says it’s time for business journalists to stop writing about the Maria Bartiromo/Citigroup controversy and to start writing about business.

Thomas KostigenKostigen wrote, “Frustrated business news journalists — which is to say pretty much all business news journalists — are having a field day with the firing of Citigroup’s Todd Thomson, head of its global wealth management division, at the expense of CNBC anchor Maria Bartiromo.

“They’re writing tabloid fare journalism that may be more fun for them (I mean, which would you rather cover: the Money Honey or Motorola?) but is tragic for us readers.

“Without Bartiromo in the picture, would the firing of a senior executive for a major public corporation have drawn on this long? Thomson was booted about a month ago. He’s still making headlines today.”

Later, he concluded, “So, Neil Cavuto: Best fly coach, and for the sake of our industry please cavort only with men. Then again, something might be made out of that too!

“Business journalists should stick to writing about business, not about celebrity; they may actually end up uncovering something important.”

Read more here.

Who will watch Fox Business Channel?

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Frank Barnako of Marketwatch wonders Tuesday just exactly who will be watching the announced, but not yet airing, Fox Business Channel.

Frank BarnakoBarnako wrote, “What happens if the bull starts panting and runs out of steam? The “small investors” who have been writing down Cramer’s latest ‘Mon back’ or ‘Sell! Sell! Sell!’ and the guys from Jersey who have taken a shine to the musky men on ‘Fast Money’ may lose their enthusiasm when they find out markets go down, too. Execs and talent at CNBC have been there, seen that. Could happen again. The news won’t be much different of FBC (Fox Business Channel), so then you’d have two channels vying for a smaller audience.

Neil Cavuto, Fox Business’ managing editor, thinks CNBC’s going after ‘old white guys with money.’ Who will be the Fox business channel’s target viewer? Young guys with two kids in elementary school who like to play ‘Are You Diversified’ between soccer practices? Doesn’t make sense. CNNfn tried to talk to an audience beyond white guys with money by beefing up personal finance information and profiling small businesses. Yawn. Unplugged.

“Fox is already doing business shows, touting that their ratings are higher than anything CNBC’s got, but the advertisers are not very classy. Some of them are cheesy. The most entertaining of the shows is Bulls & Bears is a shout fest of stock picks, presumably reflecting the same programming skills that a Fox business channel will. The show runs an awful lot of what-look-like per-inquiry ads for garden equipment that mulches anything in sight and odd gadgets like lights that go inside drawers. Cheap ads. Cheap stuff.”

Read more here.

Barnako: CNBC staff need agents

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Marketwatch media writer Frank Barnako muses that the newly announced Fox Business Channel will come after some of the talent at rival business cable news network CNBC.

Fox Business NewsBarnako wrote, “If you’re working at CNBC and don’t have an agent yet, get one now. The 45th richest man in the world is shopping for talent.”

Later, he added, “Having worked in broadcast newsrooms, I can only imagine the intrigue at GE’s money channel. It’s all supply and demand, as the anchors and reporters know, and frequently report. Over the years, CNBC has put the spotlight on many of them and given them more than 15 minutes of fame. That makes them ‘stars’ to many viewers, and ‘supply’ for Fox’s demand.

Neil Cavuto, senior vice president and managing editor of business news at Fox, was hired away from CNBC about eight years ago. He still has friends and favorites over there. You can bet his voice mailbox is full.”

Read more here.