CNBC's built-in advantage against Fox Business Network
It’s a picture of CNBC reporter Bob Pisani walking on the floor of the New York Stock Exchange, and traders behind him are crowding around to see what the breaking news is about bond insurer Ambac. Trading was halted in the stock pending news.
CNBC is the only network that is allowed to have its cameras “walk” the floor of the NYSE. Other networks have to stand still at their positions. No other network could get this close to the news.
This story also demonstrates the depth of the CNBC coverage on stories that move the markets. During the “Power Lunch” show today, CNBC On-Air Editor Charles Gasparino broke the news that a consortium of banks was going to underwrite a $2.5 billion private placement stock sale for Ambac to shore up its finances. Gasparino has broken other stories about Ambac in the past few weeks.
In addition, CNBC senior economics reporter Steve Liesman, “Power Lunch” anchors Bill Griffeth and Sue Herera, reporters Dennis Kneale and Michelle Caruso-Cabrera, as well as Rick Santelli in Chicago, weighed in on the news.
Fox Business must begin throwing this much reporting at a major stock moving story before it can begin to take away the viewers who want Wall Street coverage during the day.