On Monday, while America was at the beach, the UK was consumed by news that newspaper owned by News Corp. (Rupert Murdoch) had hacked into the voicemail of a murdered girl, potentially harming the investigation at the time.
This has prompted massive public outrage in the UK, and comes amid News Corp’s desire to acquired BSkyB, a deal that now looks further in doubt, given that News Corp is the pariah of the nation.
And yet look at the last few days of the stock.
Yesterday the stock actually ended higher. You’d almost think that news from the UK takes a whole day to cross over to the US, because it wasn’t until this morning that the stock plunged. It’s now down 5%.
We don’t have any theories about this, except that markets are weird sometimes.