you gotta get a kick outta sites like CNNfn posting charts next to stories proclaiming markets "hard hit", complete with detailed explanation, and then right next to it, a chart showing indexes in positive territory. just goes to show how much they understand. should be more like: "we have no clue, don't rely on us for anything, please visit our sposnsor's web sites, etc..." even better is the analyst who downgrades a stock on a guess, then upgrades same day when he is shown to be wrong. oh, i can go on, how about a buy rating on a stock, target price is $23, but stock trading at $29. so target price raised after the fact. gimmee a break
Reminds me of when I nearly crashed my car driving backfrom work one night. Must of been back in 1998 when Wall street was very volatile. The market was say down 300 at one point but was moving all over the shop. Anyway on the radio news they reported the massive selloff etc and then said now we're going live to our man down on the trading floor; 'so how far are we down now Bob'? Bob: 'um, we're actually up on the day'.....
They have the same trouble with weather. One day I heard the weather guy say ". . . and the high today will be 72 degrees. Currently it's. . . uhm. . . . 74."
Tech stocks, especially chips, got a boost after bellwether Intel (NasdaqNM:INTC - News) increased its outlook for fourth-quarter sales late Thursday. Intel sank 26 cents to $18.70. Sentiment also got a boost when IBM (NYSE:IBM - News) said it would pay $2.1 billion for Rational Software (NasdaqNM:RATL - News) . IBM fell $1.71 to $81.31.
CBS Marketwatch spent hundreds of millions developing their website and I had to give up using it because it takes so long to pull it up I can't stand it!! Max
That is so true. I liked the old site but barely use the new one because there is so much crap to load. The most infuriating were the full page popup's. I guess that is an example of trying to develop a web business model that makes money. Cramer and RM went the subscription route, but they had a little bit more of a value-added product. Marketwartch is good but hardly unique.
Both make perfect sense... stocks don't have to go up just b/c the news seems good. It may not be as good as expected. In the latter case, bidders always lose a few % and targets gain some. Winner's curse arguments etc.
This morning's coverage of the markets by MSNBC was hilarious. The anchor stepped in with breaking news about O'Neill's resignation... let's go to Wall Street and check those numbers. Yup, they're way down after the resignation news (Dow -50). Guess she didn't see the Dow futures after the employment report eh? MC
Oh goodness, I turned off CNBC years ago. It is 90% commercials anyway. I only put it on with the sound off if my data feed is down.