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MORE BAD NEWS FOR DOW JONES...
...news has been anything but good this year for Dow Jones & Co., owner of the Wall Street Journal, among other media properties. First, a small but determined group of stockholders, including some of the family that controls the company's voting shares, raised a ruckus about its weak performance, particularly at its Telerate unit. Then last week the company's star attraction, the Journal, got whacked with a $223 million libel judgment, the largest ever, courtesy of a Houston jury. The panel found the paper and one of its reporters, Laura Jereski, had libeled the investment firm MMAR Group...
...affirmed, it would totally change the journalistic and legal landscape," First Amendment lawyer Floyd Abrams told the Journal. Dow Jones has $45 million in libel coverage for this case. Because libel law puts a heavy burden of proof on the accuser, most awards are reduced or thrown out on appeal, and the Journal is hoping that pattern holds. "We were chronicling the difficulties of this company; we did not cause them," managing editor Paul Steiger said in a statement...
...YORK: Investors fearing more rate hikes by the Fed sent the Dow plunging by more than 216 points, ending the day down 140. The decline is the eighth worst point drop in the Dow's history. Statistics published today showing robust home sales and a decline in unemployment claims -- both signs of the economic growth that the Fed fears will fuel inflation -- helped spark the sell-off. Consolidation of end-of-quarter portfolios in time for the three-day Easter holiday were also to blame. The bond market benefitted from those fears, with yields on 30-year Treasury bonds hitting...
...general, the new Dow recruits almost can't help having a positive impact, given the laggards they replace. The effect, however, will be felt only over time. The new stocks had not yet joined the list last Thursday, when the Dow fell 159 points, but their presence wouldn't have changed things much. When the Dow wants to drop, it drops--no matter how sleek the companies that make...