Media Navel Gaze: July 29, 2013
The Week Unpeeled
The other shoe dropped. The government charged SAC Capital of Steve Cohen fame of acting as a “criminal enterprise” amid allegation that one of the largest hedge funds in the world has been taking public-company information and made profits from trading in those companies’ securities and even encouraged the use of these illegal tips (“a magnet for market cheaters,” the government said. (Front page seemingly everywhere Friday -- “SAC Hit With Criminal Case,” WSJ.) No charges against Cohen himself; SAC pleaded not guilty.
- The Feds also charged a bunch of Eastern Euro hackers with lifting credit-card information, including from the NASDAQ, for several years;
- The markets held relatively steady for the week, with the Dow up only 0.1 percent to close at 15,558; (The Dow is still up over 5 percent for the past five weeks);
- Apple revenues and profits were off amid a bit of a slowdown in demand, especially for non-phone products;
- Facebook results were positive and the stock soared;
- The WSJ reported over the weekend that Omnicom and Publicis are near a merger deal, creating what is estimated at a $30-billion advertising/marketing/communications behemoth;
- The Kate Wait ended and Prince George arrived; and The Pope is treated like a rock star on his visit in Rio.