Tag Archives: TheStreet.com
TheStreet.com media critic Marek Fuchs comments Wednesday about the contradictory coverage of Internet portal Yahoo.
Salmon writes, “The story begins on March 19, when Feuerstein wrote a ‘Biotech Stock Mailbag’ column in which he explains why Generex ‘is a total bust.’ Generex wasn’t happy about that, and they were even less happy about his March 26 follow-up, where he goes into a lot more detail about why he thinks Generex’s product is never going to get approval in the US. But there’s no libel here, Generex’s desperate attempts to find some notwithstanding:
The March 26 Article actually states a false legal conclusion that Generex has committed securities fraud under the Federal Securities Laws, when Feuerstein states ‘Yet even here, Generex plays stupid games aimed at misleading investors, something that totally undermines the legitimacy of the study.’ Using the word ‘misleading’ is not an opinion in this context but a conclusion that an SEC standard of fraud has been violated.
“I love the word ‘actually’ there — it’s as if Generex can invent a libel out of whole cloth just by asserting it to ‘actually’ exist. Stating in an opinion column that a company is playing stupid games aimed at misleading investors is something that columnists do all the time. It’s not stating ‘a false legal conclusion.’
“In any case, Feuerstein and TheStreet.com responded to the lawsuit in the best possible way — not by writing about it at all, but by publishing yet another column on Generex, this time detailing the way in which India revoked its approval of Generex’s product, without the revocation showing up anywhere in Generex’s SEC filings. It’s good, smart, hard-hitting reporting, and they should be applauded for not being cowed by this silly suit. Meanwhile, any investors still left in Generex might wonder why it’s pursuing expensive libel suits instead of engaging in a public and open way with its critics. It certainly doesn’t make the company look very good at all.”
Read more here.
TheStreet.com media critic Marek Fuchs comments Tuesday on coverage of Apple’s new iPad, which hasn’t been consistent.
The story states, “The company, founded by television personality and former hedge fund manager Jim Cramer, made the announcement in a form it sent to the SEC in which it asked for more time to prepare its financial statements.
“The probe relates to how revenue was recorded at an online promotions subsidiary called Promotions.com, which TheStreet.com sold in December.
“A spokesman for TheStreet.com declined to comment.”
Read more here.
TheStreet.com reported Monday that it lost money in the fourth quarter that was less than the same quarter a year ago, but its loss for the year was wider than 2008.
A story on the financial news site’s page stated, “For the quarter, the company narrowed its adjusted loss to $767,865 compared to a loss of $1.7 million in the fourth quarter of the prior year. The full-year adjusted loss amounted to $45.5 million compared with a profit of $2.4 million in 2008. The adjusted figures exclude the impact of Promotions.com.
“The net loss decreased to $870,831 attributable to common shareholders, or 3 cents a share, in the fourth quarter compared with a loss of $1.5 million, or 5 cents a share, the year before. The company posted a full-year net loss of $47.8 million attributable to common shareholders, or $1.56 a share, vs. a profit of $158,092, or 1 cent per share, in 2008.
“CEO Daryl Otte said in a press release that the company has addressed challenges posed by the economic crisis of the past year by aggressively reducing costs and shedding Promotions.com, ‘an unprofitable, non-core subsidiary.’”
Read more here.
Bing writes, “I read about him over the weekend in New York Magazine online, in regards to how funny he was in his rightly heralded annual letter. New York Magazine is a very tough sell, by the way. They’re no creampuffs.
“But they like Warren. Elsewhere, his smiling, genial face is also on the cover of Business Week — oh, excuse me, BLOOMBERG Business Week. He’s also on Fortune.com today, in an extensive article on all matters Buffettian.
“And let’s not forget about a similar lengthy exercise on our direct competitor, the online business arm of a once-great network now fallen into sad disrepair. He’s also on its cable television network, which is dedicated to real-time business information and state-of-the-art graphics. More Buffett, this time wandering about in a crowd somewhere and getting something pinned to his lapel. He looks a bit lost, but happy.
“Always happy. Doesn’t worry about the economy. In things for the long haul. Nothing to get too excited about. Things are improving, but slowly. That’s Warren. In there, year after year, making the game look easy and fun.”
Read more here.
TheStreet.com announced Friday that it will donate $50,000 to the memorial fund honoring former editor in chief Dave Morrow, providing a matching amount to the personal donation previously pledged by TheStreet.com’s co-founder and chairman Jim Cramer.
The combined $100,000 in donations will help provide scholarships and honor outstanding journalism as a tribute to Morrow, who died earlier this month at the age of 49. Morrow led TheStreet.com as editor in chief from 2001-2009 before becoming the first Donald W. Reynolds Endowed Chair in Business Journalism at the University of Nevada, Reno.
“TheStreet.com owes much to Dave Morrow, whose talent, integrity and journalistic vision helped us become a leader among online financial news organizations,” said Chief Executive Daryl Otte in a statement. “It is only fitting that we help carry on the work he had begun to prepare the next generation of financial journalists and safeguard America’s proud history of great journalism.”
Cramer kicked off donations to the new Dave Morrow Prize for Audacious and Talented Financial Journalists earlier this month with his personal pledge of $50,000.
The fund is hosted by the Society of American Business Editors and Writers, in cooperation with Morrow’s family, and will be used for both college tuition for promising students aspiring to careers in financial journalism as well as for students or young journalists seeking to attend SABEW’s annual conferences.
Read more here.
TALKING BIZ NEWS EXCLUSIVE
TheStreet.com has struck an agreement with co-founder Jim Cramer where his 2010 salary raise won’t take affect until July 1 and his potential 2010 bonus will be lowered.
According to a Securities and Exchange Commission filing, Cramer’s salary increase to $1.87 million from $1.56 million was originally scheduled for Jan. 1. But he and the online financial news site amended an employee agreement dated Jan. 1, 2008.
In addition, Cramer, who is also the host of the CNBC show “Mad Money,” agreed that his target bonus for 2010 would be $1.287 million, less than the $1.4 million — or 75 percent of his base pay — that was originally targeted in the original employee agreement.
The employee agreement also gives Cramer 22,000 restricted stock units, vesting one-third of the units each year.
Last month, TheStreet.com restated its earnings for 2008.
TheStreet.com co-founder and chairman Jim Cramer writes Tuesday about what he liked about working with Dave Morrow, the site’s former editor in chief who died Monday night.
Cramer writes, “Dave Morrow was the good part of journalism in the 21st century, the journalism that you could still do, that you could still afford, that didn’t compromise and that built something lasting despite the vicissitudes of a devolving industry. For those of us who have been here long enough, Dave’s the reason why, well, we have been here long enough. You see, we should have closed a long time ago, closed out of dispirit and disorganization and no sense of mission. Closed because of anger and rancor and the stench of failure.
“But we didn’t because Dave wasn’t going to let that happen. He was going to come up with a way to make it all work together because there was something worth saying that others weren’t saying. He figured out our voice and gave us pride and sense of place. Within that voice came several attributes that you want in a great editor: a desire to be compelling, a desire to tell the truth — ask yourself, have you ever heard of even a whit of a question of editorial integrity here, even a tad of it? — and a desire to be meaningful.
“Above all, Dave desired us to be permanent and willed us to be permanent. He endured more than his share of struggle and strife to keep us lasting, from the unthinkable — 9/11 — to the endless cutbacks, to the crash of the dot-coms and the crash of the stock market and the red ink it washed over us. Throughout he demanded relevance and deftly held together so many disparate views and so many different, often difficult writers and personalities–present company included. He cared about his people, giving them credit, giving them strength and community and power.”
Read more here.
TheStreet.com editor Glenn Hall sent the following e-mail:
“It is with great sadness and a heavy heart that I must tell you all about the passing of Dave Morrow, our former Editor in Chief.
“Dave was a great champion of TheStreet during his eight years here, and his leadership brought some of the biggest successes our company has enjoyed.
“Dave’s vision of no-nonsense journalism with an original voice is his legacy and lives on in our culture.
“I will be posting a tribute to Dave on our site shortly and will be inviting all who knew Dave to add a comment so that we can offer a fitting homage to the man who had such an amazing influence on TheStreet, the world of journalism and all who knew him.”