CNBC Should Take Fast Money off of the Air after today's Apple Gaffe

It is time for Dylan Rattigan and his irresponsible group of clowns and morons to be taken off of the air.

Apple guided lower today and the stock fell sharply after hours (even though they beat numbers handily and I think it should have been up on that alone).

The stock fell into the mid-150s and the company began its conference call.  It should and would have stabilized there, but an analyst asked a question about Steve Jobs' health to which the CFO responded in a prepared manner saying that Steve Jobs' health is a private matter (the implication is that he has not going to address the question).

Dylan Rattigan and his crowd of clowns immediately broke from their prepared discussion and started to discuss whether Jobs' has had a recurrence of his colon cancer, why the public had a right to know, how this would affect the company, why Apple was handling the situation so inappropriately, etc.  They got so carried away on live television that they basically diagnosed Jobs' themselves (with Rattigan and a bald clown named Macke or something serving as chief doctors) and declared that Apple wouldn't be a buy for a long time.  Another 7 points instantly fell off of Apple's already tumbling stock price.

These guys are supposed to be providing financial journalism, not acting like the NY Post or receiving their news from the NY Post.  Today's transgression was Ny Post-like behavior and should be cause for pulling the show.

I should say that to Rattigan's credit, he ended the show with a call from his Silicon Valley reporter who explained that there was no issue here - that Jobs is never on these calls and that the CFO handled the matter appropriately.  As Rattigan pulled the sh*t off of his face, he seemed to apologize for his unprofessionalism.

Jason Rodgers
Jason Rodgers: Jason Rodgers was an experienced research analyst for a major bank prior to retiring to run his own investment consultancy in beautiful Lihue, Hawaii. Jason contributed articles to BestCashCow from 2008 to 2014.

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Comments

  • soczie

    July 22, 2008

    I agree. This rumor was a rehash of old news that shorts seemed to use the try to bring the company down a few weeks ago. I think that most in the market understood that and CNBC never should have let it see the light of day. What I don't understand, however, is why they gave such mediocre guidance? This is a company moving on all cylinders that could have easily driven their stock price to $185 with just guidance in line.

  • JJ

    July 22, 2008

    You are correct, but guidance was so weak that I am afraid that the stock will still be under $148 even after Steve Jobs checks out fine.

  • Sam Cass

    July 22, 2008

    Apple is way ahead of itself. People expect Apple to solve the energy crisis, cure world hunger, and put a man on Mars. It's about time it came back down to earth.

    I'll say it again. They are one misstep away from losing industry leadership. Consumer electronics is a cut-throat business.

  • scooter

    July 22, 2008

    I watched the program and did not hear what you did. No mention of colon cancer. You must be an AAPL long and lost some money. Get over it. Your credibility shrinks when you start name calling. The web site below can help you with this issue. Enjoy.

    http://childparenting.about.com/cs/behaviorproblems/a/whining.htm

  • JRodgers

    July 22, 2008

    Scooter, I have no position. I am not an angry long, just disappointed by the level of financial journalism.

    Sam, the article isn't about Apple, but I disagree with you. Even though I have no position, I believe that Apple is a company that defies the general rules of consumer electronics. I believe that you have discussed this with others, including AronLiv, elsewhere on BestCashCow.

    JJ, I tend to agree with you, but even if that happens, it doesn't justify today's poor reporting.

  • JoeNPhilly

    July 22, 2008

    The difference between Fast Money and Mad Money is that Fast Money admits their mistakes. CNBC needs to deal with the disaster that is Jim Cramer first. Watch this:
    http://www.youtube.com/watch?v=_nkZ3eHeXlc

  • MarketsMAn

    July 22, 2008

    You obviouslly don't know much about the markets. The stock markets are FORWARD looking. In that Apple lowered thier earnings expectations significantly for the next quarter and had lower operating margins tells you that profits are waning.

    Too many people only look at the top line quarter numbers and say "see, they beat the street". But look inside the data as the pros do and you see why Apple sold off this afternoon. Plot the gross margins and see how they are contracting since last year. Any company that has operating margins that are contracting is NOT good.

    Good grief, the stock should have been up on the earnings alone as you said.. do you even know how to read a financial statement?

  • Drew

    July 23, 2008

    FAST MONEY is the WORST financial show on TV. Dylan Rattigan talks so obnoxious and blatantly LOUD...maybe because his head is so dis-proportionately large compared to his body.
    The jokers on the panel come and go like they are a dime-a-dozen.

  • R-J

    July 23, 2008

    I like the show. I think it's entertaining. But then again I enjoy watching Kramer, spittle and all.

  • R-J

    July 23, 2008

    Oops. Meant Cramer.

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