Bears

Fox Business Network had some business advice for Tobin Smith today: Find work elsewhere. The investment manager and author who has been a familiar face on Fox News confirmed his sacking to the Wall Street Journal, which reported earlier in the day that Smith was in hot water over “sponsored investment research.” His NBT Equities Research collects checks to tout the stocks of small companies via such paid research, which the businesses count on to boost their share price and volume. And last week, Smith – a regular panelist on Fox News’ Bulls & Bears – sent out an email and ad flier via his new Next Big Thing newsletter touting Petrosonic Energy. The campaign came with a disclaimer saying it was paid advertising, for which NBT banked $50,000, and he did not mention Petrosonic on the air at Fox News. But some investors who bought into the company based on Smith’s recommendation contacted WSJ‘s Market Watch blog, apparently not having read the disclaimer. Market Watch alerted its News Corp sibling Fox News and was told that was the first it had heard of the matter. The network has a rule that “no Contributor to FBN, nor his/her firm, and/or family members are allowed to accept financial consideration of any kind whatsoever to issue research, advertisements, or to otherwise promote individual stocks or securities.” The blog quoted a network spokesman ... Read More »

American Greetings has promoted Sean Gorman to president of AG Properties as the company, which is the home of Care Bears and Strawberry Shortcake, looks to expand its portfolio with more programming aimed at boys. In the role, Gorman will manage the creative strategy and overall operation of American Greetings’ film, TV, home video and... Read more »