.UPDATE 1-MarketWatch.com's Calandra resigns amid SEC probe
Thu January 22, 2004 03:47 PM ET
(New throughout)
NEW YORK, Jan 22 (Reuters) - Thom Calandra, the chief commentator for CBS MarketWatch and a founder of its parent company MarketWatch.com Inc. (MKTW.O: Quote, Profile, Research) , resigned amid probes into his trading activities, MarketWatch said on Thursday.
The San Francisco-based company said Calandra, 47, is the subject of a U.S. Securities and Exchange Commission informal inquiry into trading activities dating back to October 2002.
It said the SEC has asked for records of his personal stock trades, copies of his newsletter and copies of e-mail alerts to subscribers of his newsletter, The Calandra Report, which has now been discontinued.
MarketWatch.com said it began its own investigation into whether Calandra violated the company's trading and disclosure rules, after learning in late December 2003 of the SEC inquiry. It said it is cooperating fully with an SEC request that it produce relevant documents.
"We regret Thom Calandra's departure," Larry Kramer, MarketWatch's chairman and chief executive, said in a statement. "While we have made a very clear distinction that Thom provides commentary and opinion in his newsletter and does not report business news, Thomas was required to abide by our internal trading policies and fully disclose his activities to his readers and subscribers."
MarketWatch spokesman Dan Silmore said Calandra resigned Thursday morning. Calandra's lawyer did not immediately return a call seeking comment. SEC spokesman John Heine declined to comment.
MarketWatch shares traded Thursday afternoon on the Nasdaq at $9.88, down $1.05, or 9.6 percent. (Additional reporting by John Poirier in Washington)
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