As the Rupert Turns

On this morning's episode, we try not to choke on the latest Rupert "news". Anyone even casually following the news of this scandal knows that Rupert's in real trouble. Because this scandal could potentially bring down the entire company, serious analysts have no choice but to downgrade News Corp stock. They officially did that yesterday. But listen to the way they did it. It's positively hilarious.

This comes from Forbes Magazine...

Rupert Murdoch, you’re not paranoid — they really are out to get you. Analysts from Needham & Co. have downgraded their recommendation for News Corp. from a buy to a hold on the grounds that “powerful enemies” of Murdoch are intent on using the phone-hacking scandal to bring him low. “We believe Wall Street underestimates the resolve of powerful personal enemies of the Murdochs and political enemies of NWSA’s conservative media outlets,” write Needham’s Laura Martina and Dan Medina, terming the persecution a “witch hunt.” “We expect the powerful enemies of conservative-leaning Fox News and WSJ to exhibit sharper elbows in an election year like 2012. Near-term headline risk is acute, even if accusations prove erroneous after the elections are over.”

You see, Rupert is the victim here, poor thing. People are out to get this kindly old man just because of his politics. What the analysts are essentially saying here is: "Don't buy his stock, but please, whatever you do, please keep buying his bullshit." (Pardon my French)

By the way, for those of you that still care about facts, the accusations have already been proven true. News Corp has already admitted the phone hacking (see previous episodes of As the Rupert Turns). There is zero chance the accusations will be proven erroneous. Zero.