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Wednesday, March 07, 2012

America To Limbaugh Advertisers:

Make that former advertisers:

Your first allegiance is to your shareholders, not to the leftist media.

A Business 101 lesson that the CEO of Carbonite must have skipped:
Investors flee Carbonite after Limbaugh announcement
By Jeff Poor, The Daily Caller

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 in the wake of his controversial remarks involving Georgetown Law student Sandra Fluke because it will “ultimately contribute to a more civilized public discourse”:

"Even though Mr. Limbaugh has now issued an apology, we have nonetheless decided to withdraw our advertising from his show. We hope that our action, along with the other advertisers who have already withdrawn their ads, will ultimately contribute to a more civilized public discourse."

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. [link]
So David Friend makes a point. Feels good about himself. And tosses millions in market capitalization down the toilet.

Way to go, slick.

I'm sure Carbonite's board of directors will be sympathetic to your suck-up to the liberal press that cost the company millions.

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Here's how the market reacted to Friend's announcement (courtesy of the Wall Street Journal) (the "T" in the line graph representing "Tuesday"):


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*I'm reminded of the time a number of years ago when Kmart's CEO decided to spend millions taking the company "green." A few years before the company declared bankruptcy.

He got favorable press too.

Before he was tossed out on his can.

And got unfavorable press as a result.

The first order of business, guys, is business. If you're doing stupid shit like this because your liberal wife is refusing sex, find yourself a Korean hooker and don't screw with the stock valuation. (Pun intended.)