Intel Looks a Gift Horse in the Mouth

Take a look at almost any publication. Remember that old Wall Street saw about how the news is supposed to make the tape? In the modern environment, what is on the tape makes (or forms) the news.

The New York Times runs what is called a curtain opener for today's stock market action, looking forward at what might happen in light of last week's trouble.

Now, the Business Press Maven believes that merger action, much of which has been announced on Mondays in what has become known as "Merger Monday," has been overheated, and no investors in their right minds can rely on it lasting at the current level. But what does the Times say prominently in the wake of the Dow's difficult week?

"But given the rout in the markets last week, 'Merger Monday,' as the day is known, may be on hold -- indefinitely."

"On hold -- indefinitely." Wow, will we never have another Merger Monday again? That is some serious, long-term stuff. But what, interestingly enough, did this same Times journalist say about mergers one week before, right after the Dow hit that heady new high?

Check out this prominently placed quote, right beneath a statistical breakdown of all the merger action:

''When credit is fairly available, when interest rates are fairly low and stock prices are not expensive and when top-line growth is pretty good because of world growth,'' said Robert C. Doll, vice chairman at BlackRock, the asset-management company, ''that is a recipe for companies buying equity.''

Was there anything about the indefinite suspension of mergers one long week ago? Well, not exactly. Keep that in mind the next time you are tempted to follow some doomsday scenario laid out by the business media. Even if you are bearish, for a bit of perspective, look at what that same journalist was saying a few days ago.

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