Tag Archives: News event
There is a blog called Highbrow Revelry written by two unnamed men that I find entertaining. Recently, they analyzed why CNBC’s Jim Cramer is so attractive to the general population.
Highbrow Revelry writes, “Thursday evening, Jim was in typical form. In the mere two hours after the markets closed, Jim and his merry band of esoteric staff writers had managed to distill down the incalculable activity of the global equity markets into a single transcendent on-screen graphic: a dancing cartoon bull (FYI, there is no f***ing way that anyone can cover every stock with any sort of authority). But apparently, the bull speaks the truth. As Cramer delivered a diatribe on the first quarter sales growth of Federated Department Stores, he threw hand gestures that would make the Latin Kings (a burgeoning demographic in the financial news sector, as it were) cower.
“Don’t fool yourself, though; Cramer isn’t nuts. Far from it. He is a brilliant entrepreneur with the most popular TV show on the most otherwise straight-edge channel on basic cable. The Hamlet of the investment world, Cramer’s “antic disposition” is exactly what draws 380,000 viewers every weeknight. He’s an embarrassment to the mahogany dÃ©cor of the financial advising industry, and after Thursday, I’m hooked.”
Read the rest here. Their analysis about Cramer’s success is much more lucid than the half-dozen profiles of Cramer written by the media in the past year.
Federal authorities have filed charges against a Merrill Lynch analyst and two Lehman Brothers employees who developed an elaborate insider trading scam that involved using en employee at the printing plant where BusinessWeek is printed every week to get inside information, MarketWatch is reporting.
Marketwatch reports, “Authorities also charged Juan Renteria, 20, an employee of Quad Graphics printing plant in Hartford, Wis., and said he was hired by the team to get a job at the plant in order to obtain advance copies of BusinessWeek’s “Inside Wall Street” column. Plotkin and Pajcin allegedly persuaded Shpigelman to provide tips on coming mergers in return for a share of the trading profits.”
The “Inside Wall Street” column is written by Gene Marcial, and it has been the subject of other insider trading scams.
In 2003, workers at the same Wisconsin printing plant were involved in another insider trading scam involving BusinessWeek and the “Inside Wall Street” column, according to this Milwaukee Journal-Sentinel article.
In 1989, Seymour Ruderman, an editor at BusinessWeek, was sentenced to six months in prison for trading on information in the magazine before it was published. He had earned $39,000 in profits with the information. The SEC also brought charges against the editor. The information came from the â€œInside Wall Streetâ€? column written by Marcial, whose reporting of tips in the piece has been criticized in the past because they often come from Wall Street analysts and investors who could potentially profit from what he writes.
In 1989, a former salesman for the printer of Business Week admitted in court to inside trading based on the magazine’s stock column and agreed to pay more than $31,000 to investors who may have lost money as a result.
In 1990, two California men settled charges with the Securities and Exchange Commission that they traded on inside information obtained from advance copies of BusinessWeek magazine, again seeking information from the “Inside Wall Street” column.
Read the MarketWatch story here.
Bruce Bigelow, a business writer for the San Diego Union-Tribune, has a nice profile of MarketWatch columnist Herb Greenberg in this morning’s newspaper.
Greenberg is the financial journalist who has been criticized by executives at companies such as Overstock.com recently for using short sellers as sources. Greenberg denies that he has done anything wrong, and using short sellers as sources has been an accepted practice in business journalism for decades. He has, however, been subpoenaed by the SEC, but the regulatory agency has backed off enforcing the subpoena.
Bigelow writes, “Greenberg says he tries to characterize the perspective of his sources, for example, by reporting whether they are betting against a company’s stock. In any case, he says such information serves only as the starting point in the reporting process.
“For Greenberg, covering Wall Street means rising at 4 a.m. to read newspapers and online news sites. A few souvenirs of his 32-year career in journalism decorate his office walls. They include a complimentary note from Gregory Peck framed with a photo of the actor, a sketch of Batman signed by the artist Bob Kane and a promotional flier for a TV business program sponsored by Fox News and TheStreet.com.”
Read the rest of the profile here.
This one slipped past me last week, but the Dallas Morning News has joined most of the other large metropolitan newspapers in the country in cutting its stock listings during the week. Among the others that have made such a move to save on newsprint or to provide a bigger business news hole are the New York Times, Chicago Tribune, Newsday, Orlando Sentinel, Atlanta Journal-Constitution and Cincinnati Enquirer.
The Morning News noted, “With some of the space saved by reducing the stock tables, we will be providing a larger Market Day report that will include stock analysis, reports on the most widely held stocks, data on commodities futures and a larger listing of local stocks.
“We’ve also added new weekday news coverage of the local business community.
“The Market Week wrap-up on Sunday and interest rate charts on Monday will remain unchanged.
“In addition, we’ve significantly improved our online stock report for readers who want free access to the latest available information.”
Read the rest of the announcement here. Earlier this year, the paper’s business editor left to join Bloomberg News.
In an effort to expand the way it delivers news to consumers, The Phoenix Business Journal, an American City Business Journal paper, is unveiling a newscast available around-the-clock on the Internet.
Called BizCast, it’s an audio-video presentation accessed via the Internet with a fresh show on the first Friday of every month. Content includes a lead, local business news story not yet reported in The Business Journal, a conversation with a top Valley CEO, news, an editorial and highlights from the paper’s Business Pulse surveys. Additional features will be added monthly.
The newscast is ready-made for television and will appear each month at select times on KNXV-TV Channel 15, the local ABC affiliate and a Business Journal media partner.
Don Henninger, publisher of The Business Journal, said the effort is a way to make news accessible to readers at their convenience.
“We always are exploring new ways to supply our readers with the information they need,” he said. “Technology opens lots of new doors for us, and this is a great example of one. Everything still starts at our core — and that’s our mission of being the most reliable and thorough source of business information in the Valley.”
Henninger and Ilana Lowery, the paper’s editor, and other Business Journal reporters will serve as on-air talent for the shows.
Read more about it here.
Raju Narisetti, a recently appointed deputy managing editor, and Amy Stevens, editor of the Weekend Journal, will be working for separate start-up publications.
An article about their departures can be found here. It does require a Wall Street Journal susbcription.
Narisetti is one of the most senior journalists of South Asian origin working in American newspapers.
He was based in Brussels, where he moved in December 2002, first to serve as managing editor of The Wall Street Journal Europe, and then was promoted to Editor. In December 2005, he was named a Deputy Managing Editor of The Wall Street Journal, while continuing as editor of WSJE. In a memo, WSJ Editor Paul Steiger said Narisetti “will continue to direct all Journal reporting teams and coverage from Europe and the Middle East.”
From April to December 2002, he had been a deputy national editor, directing daily news coverage in all four sections of the U.S. paper. His responsibilities included planning daily news space needs, editing multiple major news stories, and guiding news editors on coordinating coverage with bureau chiefs and beat reporters. Starting in February 1999, Narisetti served in a variety of editing positions, including assistant news editor and then news editor of the national news desk (in charge of beats such as marketing, media, advertising, retail, consumer products & sports coverage).
Stevens, a Cal-Berkeley graduate, previously wrote the “Lawyers & Clients” column for the Journal. She was also a frequent page one contributor. She is going to Conde Nast, where she will be involved in its new start-up business magazine and joining her former co-worker, Joanne Lipman, who is the editor of the new glossy.
Bill Fleckenstein, who runs a hedge fund in Seattle and writes a column for MSN Money, believes that some hedge fund managers are no longer willing to talk on the record to business journalists because of the recent push by some companies to threaten hedge funds with litigation when they are discussed in a negative light.
Fleckenstein writes, “That’s the chilling part of what Biovail is apparently attempting. As a measure of its “success,” columnists Gretchen Morgenson of The New York Times and Herb Greenberg of MarketWatch.com, two friends who do great investigative work, tell me that they both have sources who are no longer willing to go on the record when discussing corporate chicanery.
“What we don’t want to see is the routine silencing of naysayers by managements with something to hide. This is intimidation masquerading as victimization.”
Read the rest of his column here.
The Patriot-News, a daily newspaper in central Pennsylvania, is making changes to its real estate section, according to editor Tom Barstow.
Barstow writes, “However, a lot of the industry news and trend stories relevant to the midstate have a broader appeal. So we will start running those news and trend stories in the daily news pages, as well as on the Sunday Business pages.
“The Real Estate section will be dedicated to information that people can use specifically when buying or selling a house.
“The real estate industry is going through some great market shifts nationwide. By many indications, the midstate is well-positioned to withstand any downturn.
“Central Pennsylvania has seen steady growth in housing prices, not the enormous bubbles experienced on the coasts. The midstate also will continue to attract people from other areas looking for a better value and a higher quality of life.”
Read about the changes here.
Donald Sorenson, a former business reporter and editor at the Kansas City Star and The Oregonian, died last month from complications related to Parkinson’s disease. He was 87.
Sorenson joined the Oregonian in 1970 after 24 years at the Star. He held numerous business reporting and editing positions at the paper until his retirement in 1990. At the Star, he was also a business reporter.
At the Oregonian, Sorenson covered financial news and other topics, including a seven-part series in 1981 on the Washington Public Power Supply System debacle to build five nuclear power plants in the Northwest.
Read his obituary here.
Former NBC News economics correspondent Irving R. Levine, who made bow ties fashionable in the 1970s and explained inflation to the masses, is still going strong as a lecturer at Lynn University in Boca Raton, Fla., according to an article in the Boca Raton News.
Dale King writes, “The pioneer journalist recalled how he got that assignment. ‘The Washington bureau chief for NBC asked me what I wanted to do. I said I’d like to cover the State Department. He told me there were two beats open – business/economics and science. I said I had covered a lot of economic conferences, so I picked that.’
Alan Greenspan, ‘who has been one of my friends for decades,’ just stepped down as head of the Federal Reserve.
“But it was President Nixon who gave the economic beat credibility. ‘It happened Aug. 15, 1971,’ Levine said. ‘It was Nixon’s wage and price controls that took us off the Gold Standard.’”
Read the rest of the article here.