This from an article in this morning’s Guardian about tech’s being affected by the broader market issues:
On Friday a single report – put out by a blogger on an unfiltered part of CNN’s website – claimed that Apple chief executive Steve Jobs had suffered a heart attack. Before the company even had time to deny the rumour, Apple shares had started dropping sharply, losing 8% of their value in just a few minutes. Although the prices quickly corrected once it became clear that there was no truth in the report, it became clear how quickly panic could take over.
One, again, media stocks shouldn’t be affected adversely by the market as the media shows an incredible ability to drive huge market fluctuations on suspicions and innuendo just by reporting said suspicions and innuendo. Again, don’t you reward companies for doing their job expertly?
Two, “a blogger on an unfiltered part of CNN’s website” caused this. OK, say maybe the media should be affected adversely by the market because “the media” still hasn’t really assimilated to these new-fangled reporting mechanisms. Jeff Jarvis posted last week reminding us of Bob Garfield’s chaos scenario from a couple years back. The current media establishment will most likely crumble before the next one is ready to step in. Is this a sign of the times?