It’s been a month since the launch of the Fox Business Network. Actual ratings data won’t be available for a few more months but data on CNBC is available. To the extent that you can speculate as to FBN’s performance based on the performance of it’s main competitor, there is no particularly good news for the fledgling net.
For the month that FBN has been on the air, CNBC has grown 32% in total daytime viewers and 21% in total viewers for the full day. Of course, there could be other reasons for the ratings growth, but there is obviously no noticeable dip for CNBC as a result of the competition from Fox.
To underscore why viewers may want to stay away from FBN, on Friday they interrupted their news chatter with an alert that Apple was buying an 8% stake in chip maker, AMD. After about a minute they corrected the report saying that it was not Apple, but the government of Abu Dhabi (which both anchors mispronounced) that was buying in to AMD. That minute was plenty of time for investors to have made trades and, subsequently, lost money.
More reasons: On Tuesday FBN reported that Hewlett-Packard missed their earnings estimate by a penny. Eleven minutes later they admitted that they had erroneously reported the net income instead of the operating income, which actually beat estimates by four cents. I really hope that no one is trading based on what they see on FBN.