The U.K. Parliament committee hearings with Rupert and James Murdoch took an odd turn when a man attempted to put a plate of shaving cream in Rupert Murdoch’s face.
The hearing, being shown on Fox Business and CNBC, abruptly adjourned, the press and public were tossed out and then questions resumed.
Just after the attacker (now in police custody) made his move, News Corp.’s shares jumped to their best levels of the day. They have continued to trade higher and are now up 5.6% at $15.80.
Difficult to discern why the shares would jump on such an event. Maybe investors liked how swiftly Mr. Murdoch’s wife, Wendi Deng, leaped to Mr. Murdoch’s defense.
This is a live example how market reacts to things in unexpected way, and how my theory of market consists of three things: core values, institutions and perceptions is relevant!