iClutter gets in the way of business news

TheStreet.com’s Marek Fuchs writes Monday that there were three major stocks were trading was halted last week, but no one knew about it because too many business journalists were busy covering the launch of the iPhone.

Fuchs wrote, “After all, that’s what we had for the latter half of last week: incessant coverage of the iPhone. We had rank speculation about what the phone would be like, the release of the phone to a few targeted journalists with the requisite, by-and-large positive reviews, the Christmas season-esque coverage of lines of camped-out shoppers, with the implication that such lines equal lasting demand and profits, and, finally and just as predictably, some backlash coverage.

“Meanwhile … on Thursday, amid all the clatter, shares of three companies including AT&T and well over 50 million shares in total were halted for most of the morning. The other companies were Wyeth and Jefferies — no obscure slouches on the pink sheets, mind you.

“Didn’t hear about it?

“Well, neither did most investors … who were too busy reading ‘iWant’ coverage with human-interest angles about those willing to leave the children they did not already auction off to raise funds with total strangers so they could spend a night listening to their iPods on a lawn chair, waiting for their iPhone.”

Read more here.