Networks: Holiday Sales No Reason for 'Ho, Ho, Ho'
Just as the holiday season is cranking up, CBS is clamping down. Even strong numbers at Wal-Mart donâ€™t satisfy the negative network. The November 18 â€śCBS Evening Newsâ€ť kept up its predictable pessimism about the holiday shopping season â€“ even turning to one happy shopper who turned out to be a debt collector.
â€śIt happens to be pretty good,â€ť said Brandon Bradshaw about this shopping season. â€śSo, weâ€™re one of the lucky ones.â€ť
That sounds too good to be true â€“ a consumer thatâ€™s not downbeat. Well, thatâ€™s indeed the case.
â€śBrandon Bradshawâ€™s business? Debt collection,â€ť concluded correspondent Randall Pinkston. â€śRuss, retailers are counting on shoppers like him because this is the make-or-break season. Fourth quarter â€“ stores depend on holiday shoppers for 25 to 40 percent of their annual profits.â€ť
That was the summary of a negative shopping report. â€ś[I]n stores across
This sentiment has come out of a less than positive media going into the holiday season, even though Wal-Mart Stores, Inc., (NYSE:WMT), the worldâ€™s largest retailer, said it now expects fourth-quarter earnings at the higher end of a forecast they gave in October â€“ news which sent the Dow Jones Industrial Average (DJIA) up 320 points upon its release November 14.
But Pinkston didnâ€™t even mention that forecast when he reported the outlook for Wal-Mart. Instead, he managed to find a way to even tie it into the 2008 election.
â€śWal-Mart, which reported solid third-quarter numbers, may need to drop prices for shoppers like Carrie Rambo,â€ť Pinkston said.
â€śI keep hearing a lot of talk about, you know, recession coming up, which is unusual for an election year,â€ť Rambo said to â€śEvening News.â€ť â€śSo, that kind of scares me.â€ť
Pinkston didnâ€™t explain to viewers where or why Rambo might have heard such â€śtalk.â€ť
The reporting was similar to the 20th anniversary of the 1987 Black Monday stock market crash by speculating if it could happen again in the near-future and ignoring the positive economic news as it did when unexpectedly high gross domestic product growth was released by the U.S. Commerce Department on October 31.