One of the biggest issues that Fox Business Network will have to overcome in its battle to win viewers away from rival business network CNBC can be seen in the screen grab below.
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.
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All the rumors about the Ambac bailout by CNBC were false. Fox has been reporting on it and had a trader on the floor talking about how it disrupted the markets, hurting the retail investors with these quick 200+ point afternoon run-ups.
Has anyone pointed out that with all this so-called advantage the report you write about was actually wrong and people lost lots of money? there was no consortium of banks or 2.5 b deal. where's the advantage in that
The advantage I was referring to was their ability to walk around on the NYSE floor and their ability to put a lot of reporters on a topic, not the accuracy of Gasparino's reporting, which obviously was wrong.