Wednesday, March 07, 2012


The Daily Caller claims payback:

Investors flee Carbonite after Limbaugh announcement

On Saturday, Carbonite CEO David Friend released a statement on his company's website declaring that Carbonite had decided to "withdraw" advertising from Rush Limbaugh's radio show....

However, it hasn't done much to contribute to his company's stock price. Since the market opened on Monday through its close today, Carbonite stock (NASDAQ:CARB) has plummeted nearly 12 percent, outpacing the drop of the NASDAQ index in that same time period by nine-and-a-half points. It was also one of the biggest decliners on the NASDAQ on Tuesday....

Um, two problems with this.

First of all, Carbonite is a big gainer for today -- its stock price is up 4.19% as of 2:15 P.M., presumably as non-wingnut investors recognize that the Rushbot selloff led to an undervaluation of Carbonite stock, and thus to a buying opportunity.

Beyond that, there's the fact that, well, Carbonite didn't just suddenly become a weak stock on Saturday. Here's the chart of Carbonite's stock price since August 1:

The stock was at 17.14 on August 16, it was at 13.09 on December 13, and it was at 9.46 on March 2 -- a decline that occurred before the CEO announced the withdrawal of ads from Limbaugh's show. And let me remind you that that decline happened while Carbonite was a regular Limbaugh advertiser. You can decide for yourself whether that's a coincidence.


Roger said...

Some cock's always crowing at The Daily Caller.

Dark Avenger said...

If they hired Mickey Kaus, you could have a rooster and goat show, two for the price of one.