Categories: OLD Media Moves

CNBC error hurts Microsoft stock

Numerous reports note that CNBC‘s Jim GoodmanÂ erroneously reported earlier today that Microsoft was lowering its revenue guidance, sending its stock lower until theÂ business news network corrected the mistake.

WallStreetPit.com reports, “CNBC made hay about it, talking about how Jimâ€™s report had affected the DOW and the NAZ, and they had a bunch of their reporters and anchors on it.

“But it wasnâ€™t true.

“MSFT execs lowered their operating expense guidance -â€“ a good thing. Goldman broke back in with a ‘clarification,’ giving the correct guidance. But, as Melissa Francis, his own anchor, even pointed out, it was a big difference, and MSFT and the NASDAQ both recovered.

“It was a major error and it merited a full-blown correction, not a clarification. The good news is however, that despite CNBC botching the companyâ€™s release, the stock managed to gain $1.42, or 5.38% , to $28.02 in Naz trading.”

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Gim Joldman says:
October 24, 2009 at 4:07 pm
When is Jim Goldman going to lose his job? He is a raging embarrassment to an otherwise fine network. He doesn't understand technology companies, his "coverage of Apple" essentially amounts to his taking dictation from Steve Dowling, a former CNBC producer who's now head of Apple corporate PR. He can't read a financial statement to save his life and doesn't know the difference between a silicon chip and a rubber band. He needs to be busted back to some local affiliate where the reporters don't have to worry about "facts."