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Alexis Glick Ups Fox's "Business News" Coverage to Barely There

Reported by Melanie - July 17, 2008 -

Alexis Glick substituted for Neil Cavuto today (July 17, 2008) on Your World. I must say, she seems to try a little harder than Neil to fake the audience out and give the impression that the show is actually about business news. For example, Cavuto reports the earnings of select companies maybe 15 times a year, whereas Glick "reported" the earnings of three companies all in one day today. Woo hoo!

Roughly 21 minutes in, there was a Fox News Alert and Glick said, "Two tech hot shots out with earnings after the bell. The news not too good for the Internet giant Google. It earned $4.63 a share in the latest quarter, missing estimates. The stock down about 8% as we speak, and after trading." Funny. The stock market closes at 4:00 p.m. ET. At 4:21 p.m. ET, Glick has to tell her supposedly savvy "business news" audience that Google's earnings, which came out "after the bell," are causing the stock to be down, "after trading?"

As for the reason for the loss, which Glick didn't bother to report, Google is plowing money into research: "Research spending climbed 65 percent, sparking investor ire because Google is boosting the budget as the economy slows and concern about demand for Internet advertising is spreading." That's not good.

And then on to IBM: "And Big Blue also out with earnings. IBM earning $1.98 a share. Revenues nearing 27 billion dollars. Those results topping the street's estimates." Leaves a good taste in your mouth, huh? America's humming along, right? Not exactly. It's not as if American companies and/or Joe and Jane citizen are buying IBM's stuff. Those earnings came from emerging markets. That changes the picture now doesn't it?

And then, during the last seconds of the show, Glick showed a picture of the "big board" at the NYSE (up 207.38 points*) for at least the second time and said "we've had two great days!" and, "We had some names report after the bell including Merrill Lynch. Unfortunately, the stock right now down 8% after the bell." There's that "after the bell" thing again. Sheesh.

These are cases of Glick reporting nothing but the absolute bare minimum. Merrill Lynch lost an astonishing "$4.65 billion, or $4.97 a share... Analysts' estimates ranged from a loss of 93 cents to a loss of $4.21 a share." Yikes!

Comment: Yes, we might have had "two great days!" on Wall Street but things still look pretty grim, despite Glick's success at hiding that from her "business news" audience.

* Even Cavuto shows it when it's up but not so much when it's down.