Dear Ted,
I beg to differ with you. Although you are correct that CNBC doesn't put a gun to anyone's head to buy stock, you can't deny CNBC's influence. You also cannot say that CNBC "tries" to bring both sides. I can remember the wednesday before thanksgiving when CNBC, especially Costello, kept calling ADSP a wireless company (probably referring to AERL). I personnally send 4 faxes and numerous emails and phone calls to help CNBC correct those mistakes. On friday, 2 days later, CNBC ontinued to misreport the facts. Even when CNBC finally straightened out their misreporting, they never mentioned or acknowledged their mistake.
CNBC is more an outlet for analysts or fund managers whose firms have inventory they want to dispose of. Just send your guy to CNBC and have him tout the stock. Case in point, Greg Hypowitz comes on and touts EPIC to mark haines only to watch it run 80% on huge volume during the 5 minute piece. At the end Greg Hypowitz says, by the way, my firm holds 1,000,000 shares. I bet his firm sold a bunch of them that day (I haven't checked, just my opinion)
And to your statement that only those losing money complain, you are again wrong. I am basically a short seller and I use CNBC for a mining field. CNBC has made me a ton of money this year. it is just a shame that it comes on the backs of Mom and Pop investors.
There are many othre examples and I have since given up on calling or faxing CNBC with corrections on their misreporting. I have done it several times without ever once seeing a retraction on air. I have also never gotten even a courtesy email or fax back. CNBC is a bunch of talking heads that should be used for entertainment purposes.
And why don't we see Costello much on big down days if you are bringing both sides of the story?
Good Day
PS Let's not foget about Maria's little boo boo mentioning ALTN instead of ATON the other day. Another uncorrected mistake that cost some people much money. |
