From Reuters today:
“Lachlan Murdoch, considered a frontrunner to succeed his 74-year-old father Rupert as chairman and chief executive of News Corp., on Friday resigned as an executive at the media conglomerate. The younger Murdoch, 33, will leave his post as deputy chief operating officer at News Corp. and publisher of the New York Post tabloid newspaper on Aug. 31 but will remain on the board, News Corp. said…News Corp.’s Australian shares fell 1 percent on Friday to A$22.96, bucking a 0.5 percent rise in the broader market.”
Murdoch’s son resigning is one thing. Connecting the share price movement for any one day to something like this is wishful thinking. This kind of story might be great for all those fundamentalists out there who think data like “resignations” is useful for market predictions, but to the great traders this type of less than critical information, on any one day, is noise.