Steve Massocca from Pacific Growth Equities was just on CNBC and said the right thing. The Dow and a high close (or not) doesn't matter. He said it is 30 stocks, it's not the same 30, it does not matter.
Bingo.
The floor trader they interviewed ten minutes before the open also made fun of the network for how they handled yesterday's action.
If 3M and Altria both have a bad day-no record.
Joe Kernen made a quick comment in passing when the econ segment was wrapping up; he said we aren't cheerleading, what are we supposed to root for a hard landing? I guess why I wonder why a journalist would root for anything.
The thing I find most frustrating about the channel is the time wasted covering things that don't help anyone. The market caps of the two big American car companies adds up to $33 billion, throw in Daimler Chrysler and the entire industry (in the US) adds up to $84 billion.
Perhaps market cap is not the best way to measure the impact of the group on the US economy but I don't think the auto industry is important enough to merit as much coverage as it gets.
When there is actual news they cover it but I would like to see broader coverage of more things which they do have time and personnel to do.
Just an early morning rant. I need some coffee.
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7 comments:
They are very much cheerleaders. For Joe to say they aren't is admission. But....it's more than that. Much more. They have an agenda. They are politically motivated.
Joe has no excuse. He was a sell side broker with EF Hutton prior to his fame on CNBC. Leismann...what can I say? ON the day that Bush won in 04 he lost it right on TV. He completely lost his composure. They finally just cut him off. Veils lifted.
Then there was The Day:
A new Dalbar study was just published on mutual funds, loads v no-loads, investors actual returns. They (CNBC) reported that there was no difference except the cost. End of story: buy no-loads. EXCEPT...that was NOT the jist of the study. The study said that investors in load funds actually made more money because their advisor kept them in it for the long run. If fact, the study went on to say that in total ( all mutual fund investors ) the average return for the last 5 yrs was roughly 12% BUT the average investor's return was 2% ----because of all the people being wipsawed.
They "chose" to not report the whole study, just the part that suited their agenda. How much of their whole day is reported like this? One has to wonder.
To your comment about covering autos, we can also add gavel-to-gavel coverage of some posturing politicos and a series of people all taking the 5th Amendment.
Agree completely. And why don't we see more of Brianna? She can say whatever she wants.
DL
Ok. It's 5:15 eastern and we're in the second hour of a HPQ hearing in congress.
WTF?
What do the Autos, Mutual Funds, Brokerage Firms, and so forth have in common?
Ad revenue.
cynacism; nice and appropriate.
Too much yapping about silly things, the lunch thing was dumb & anytime they waste time on driving
"cool cars" is crazy. Need more
coverage by "the Brain" & "Gamma
Girl" to bring content value up.
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