Social Media

Journalists Using TwitterI’m what you would classify as a Twitter observer – I look but I don’t touch. In response to my inactivity, I’m frequently told by digital experts “use it or lose it,” but I like my omnipresent view of the Twittersphere. It comes in handy to quickly ascertain the score of a game or the cause of train delays.

In the vein of self improvement, I’ve been asking myself what more could I do on Twitter? One obvious answer is engaging with journalists. Which lead me to my next questions – how do journalists use Twitter?

With the help of my colleague Cary Ruterman, I conducted an unscientific, but telling, audit of reporters’ social media habits. We spoke with journalists from print, online, broadcast and wire outlets and all of them focused on finance (that is kind of what we are known for here at Prosek).

Here is what we asked and found...

How do you use Twitter (professionally, for your reporting)?
All our respondents utilize it in almost in the same way: to monitor news, to connect with sources and to see what the industry and competitors alike are "talking about."

That seems like a lot to rely on Twitter for. How does it really impact you reporting?
Almost all reporters audited consider Twitter to be a key, daily source for reporting with one describing Twitter an “essential resource.” One reluctant reporter admitted that “it is becoming more useful to a degree.”

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Social Media Log-InCollege seniors around the country breathed a collective sigh of relief last week when the U.S. Senate decided not to advance the new Cyber Intelligence Sharing and Protection Act, also known as CISPA.  A new clause in the bill recently passed by the U.S. House of Representatives would have allowed businesses and the U.S. Government full access to individuals’ personal social media pages as a way to crackdown on cybercrime.

While this particular version of the bill is now considered dead, legislators are re-writing a similar version that could be more protective of citizen privacy.  But if and when a version of this does get passed, professionals nationwide have some serious self-reflection to do.

For many, professional accomplishments are often prioritized ahead of other life goals such as when to start a family or at what age to retire.  So just imagine what will become of us if one of the few places we truly express our personality, our personal social media pages, can now be considered an extension of one’s resume.  Will we be forced to permanently keep our personal pages business-casual?

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Image courtesy: The Wall Street Journal

Image courtesy: The Wall Street Journal

And there it was.  In the blink of an eye, 145 points on the Dow were wiped off the map.  While certainly not as large as the Flash-Crash of 2010, which saw glitches in exchange-trading software punish markets by several hundreds of points, yesterday’s market dip following a fake tweet posted by someone who hacked into the Associated Press Twitter account was, appropriately, a tweet-sized re-enactment.  It also showed the increased influence of social media on financial markets.

On the heels of last week’s events surrounding the Boston Marathon tragedy and the White House ricin scare, a hacker broke into the Associated Press’ Twitter handle yesterday and tweeted “Breaking: Two Explosions in the White House and Barack Obama is injured.” Markets instantly plummeted until the tweet was reported to be false a few minutes later.  The hacker would later identify itself as a member of the Syrian Electronic Army which, according to The Wall Street Journal, has targeted other media outlets in the past.

Because of how strongly social media is proving to impact financial markets, legislators are scrambling to gain more control over these situations.  Revisions are being made to the Cyber Intelligence Sharing and Protection Act (CISPA) that, if passed, would allow employers to access personal social media pages to ensure laws such as Regulation FD are not being compromised by interactions with friends or other social media contacts.

This raises several points:  first, there is the lingering issue of automated trading.  Part of the reason the market crashed so quickly following the hacked AP tweet was due to automated trading machines which scan social media sites for major news and place trades accordingly.  While tying up less human capital by using electronic trading is efficient, the system in place is proving to be anything but, evidenced by the failure of these machines to assess the credibility of yesterday’s fake tweet.

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Welcome tailgaters and avid consumers of foods containing immense amounts of protein. In today’s ad watch, we’re going to take a few moments to enjoy some of the finer things in life. Specifically, we’re going to focus on the luxuries of conveniently wrapped and easily accessible meats from a variety of farm animals who in turn came from potentially debatable origins. Yes my friends, its time to brush up on your weenie whistle skills and rev up your Weinermobiles, for we’re going to take a look at some of Oscar Mayer’s most recent advertising campaigns. (Interesting fact: Did you know that the Weinermobile actually has a “hot dog smell” button? Me? Of course I knew.)

Over the past six months, Oscar Mayer has pushed out a handful of advertising efforts in both social media and television formats that have succeeded in being both amusing and informative. These aforementioned campaigns have come from talented agencies such as McGarryBowen and 360i. While all of these efforts have focused on the convenience and deliciousness of Oscar Mayer’s vast array of meat products, the general themes from the ads have varied. For example, the commercial seen in the top right of this post concentrates on a grandpa who takes being literal to a whole new level of beautiful awkwardness. Mostly, I think this man needs a hug, as he’s clearly a little too impressed be a luminous transparent container of ham. Okay, it wasn’t exactly gleaming, but it might as well have been. After all, this was the only thing that could impress straight-talking grandpa.

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SEC & Social Media

Let’s not get too excited just yet over the SEC’s decision to allow public companies to utilize social media as a primary source for disclosure, provided they disclose to investors which platforms they intend to employ.

While I join many others and readily agree that social media will become an increasingly important and prominent part of disclosure, the SEC’s half response to a slew of recent high-profile social media disclosure test cases, e.g. Netflix, is actually a step back for Reg FD.

Remember, Reg FD was created to provide a level playing field so that all investors, ranging from small retail to large institutions (and everyone in between) would be provided information simultaneously and through a platform that was readily accessible to all.

My concern for the SEC’s announcement yesterday resides with what constitutes accessible platforms. When Reg FD first came about, the approved disclosure platforms were fairly obvious: press releases, national newspapers, broadcast television, radio, etc., and the burgeoning Internet, which over time has increasingly been given prominence, especially in 2008 when corporate websites were deemed to constitute disclosure.

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