Media Navel Gaze: February 10, 2014
The Week Unpeeled
Games on in Sochi, which stole much of the media spotlight over the weekend but for the markets, the jobs report in the US did not shine any real positive light on the economy last week with a slowdown in hiring pretty evident. Non-farm payroll only advanced by a mere 113,000, still above December levels but not strong enough to be considered a sustained recovery. The unemployment rate did tick down to 6.6 percent in January from 6.7 percent for those looking for somewhat good news. The markets, however, looked elsewhere for guidance and staged a late-week rally, with the Dow rallying on Friday to close stronger but the blue chip barometer is still down 4.7 percent for the year.
Elsewhere:
- Media and pundits continued to speculate that the Fed will likely continue to taper, no matter jobs numbers;
- Beatle fans staged a more muted hysteria over the last few days in America than 50 years ago in celebration of the Fab Four's US television debut on the Ed Sullivan show;
- Former SAC portfolio manager Matthew Martoma, was charged with insider trading, now bringing to eight the number of convictions for the hedge fund;
- CVS has decided to quit the habit of selling cigarettes, no doubt a business more than a health decision but significant nonetheless;
- Facebook launched its Paper app to bring "newspaper" style content to your device and continuing to show that technology is the driving force in media;
- Microsoft officially announced insider Satya Nadella as the next CEO;
- Jay Leno say another goodbye as host of the "Tonight" show, paving the way of Jimmy Fallon to take over the coveted late-night spot; and
- Musical group Pussy Riot says nyet to Sochi and takes the US by Polar Vortex
