Media Navel Gaze: July 22, 2013
The Week Unpeeled
Probably the biggest but not most surprising headline last week was the record bankruptcy filing for Detroit, a move that will force Motown (or NoMotown) to restructure $18 billion in debt, cutting benefits and services to workers and retirees and putting assets on the block. No doubt legal fights and creditor suits to follow.
- Microsoft took a big $900MM charge on its Surface RT table, which contributed to the company missing revenue and profit estimates;
- Banks, however, saw solid results for the quarter, helping the markets continue to climb; Blackstone also posted big quarterly results;
- The Dow ended the week 0.5 percent higher, hitting a record Thursday, to close out on Friday at 15,543;
- Nate Silver, the New York Times stats guru, who became a near household name for his presidential election projections, is joining ESPN to among other jobs be a contributor to “Olbermann”;
- President Obama entered the Trayvon Martin dialogue in an unusual (until now) “personal take on race in the US” (NYT), sparking seemingly non-stop debates and race discussions on the airwaves over the weekend
- The SEC took steps to ban Steven Cohen of hedge fund SAC from the industry, saying he ignored signs of illegal trading.
- Press legend Helen Thomas died, the deal of the White House press corp, she covered nine presidents and was a permanent fixture at briefings for decades.