Obamaâs Comments Send SONY Stock Into Freefall
SONYâs stock price plunged to an all-time low after President Obamaâs critical remarksÂ on Friday about the corporationâsÂ decision to cancel the premiere of the Seth Rogen-James Franco comedy The Interview. When asked by a reporter whether SONY made the right decision, Obama responded âTheyÂ made a mistake.â A petulant Obama added, âI wish they had spoken to me first.â ** BREAKING NEWS â SONY REPLIES TO OBAMA ** Wall Street analysts watched in stunned amazement as the corporationâs stock plummetedÂ to 20.58, representing a loss of over 18 points fromÂ the dayâs opening. One Wall Street analyst calledÂ the lossÂ financially devastating. âThe Streetâs reaction was like nothing Iâve ever seen,â said conservative analyst Wil Albanese. âI think his remarks were irresponsible, immature, and unfair to the entire corporate community. I find it interesting that the President chose to criticize Sony, while saying nothing negative about North Korea.â Sony is still reeling from the black eye it received with news of the recent computer hacking scandal, where millions of intercepted confidential emails were published online. The breach â apparently initiated by North Korea â coupled with the cancellation of the highly promoted and anticipated Rogen-Franco comedy, âirreparably tarnishedâ the image and reputation of Sony Corporation, according to a confidential internal emailÂ leaked from Sony headquarters just this afternoon. Sony has spent a reported $3.3 million on publicity for the shelved film. âThere seems to be a retaliatoryÂ motivation behind Obamaâs slam against corporate America,â said former Alaska Governor Sarah Palin. The former GOP vice presidential nomineeÂ took to Facebook as Obama boarded Marine OneÂ en route to his 17-day Hawaiian vacation.Â âWell,â wrote Palin, âI guessÂ we all should feel fortunate and honoredÂ that Obama bestowed a few few seconds out of his oh so busy day before hoppingÂ off to yet another island destination for an extended vacation of golf and partying with his buddiesÂ to throw us a bone. I guess Marthaâs Vineyard is too cold this time of year for his U.S. constitution.â Whether Sony can fully repair the damageÂ dependsÂ on several factors, the least of which is its corporate image. âOnce a brand is damaged,â said Albanese, âthe road to recovery is filled with many obstacles. Obama did not help corporate America today,â he added. âI had lunchÂ with a well-known real estate mogul this afternoonÂ whoâs considering a run for office,â said Albanese with a sly wink, âand he just shook his head when we heard about the press conference. He said it was another Obama bungle that sucker-punched Sony and the entire business community square in the gut.â Mondayâs opening bell will be closely watched by industry insiders and investors alike. Time will tell if Sony can get back on its feet, or if it will remain âdown for the count.â