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CNBC's Schacknow: Google's Tuesday Surprise

Google Goes Green
After weeks of seeing various market indexes set records, it’s not unusual to see my magic market spreadsheet “go green” -- an expression coined, because when an index or stock exceeds some prior high, the spreadsheet is rigged to display “new record” in green.

However, Google’s move to a record high Tuesday was unusual: It came on a day when the market was selling off across the board; and, despite the plethora of new market highs, Google’s last intraday record was in January, and its last record close was back in November.

Yes, Google is just one stock in a universe of many, but it’s one that has drawn much attention -- both for the success of its IPO nearly three years ago, and for the many arguments over whether it’s overpriced. Since, by definition, no one has ever bought it above where it is now, the answer -- in theory -- is “no.” So far.

Upstaging The Boss
By now, the Breaking News desk knows the drill: When Fed Chairman Ben Bernanke speaks, as he did today, we carry the speech live (if available), and we write dekos (onscreen data caption boxes) highlighting what he’s saying, and if the markets react in any particular day, we report that as well. When other Fed officials speak, we “deko” any worthy comments and note any market reaction.

So, here’s something I’ve always wondered, even if I am the only one: why do other Fed officials schedule speeches on a day when Bernanke is making an appearance?

Today, Fed Governor Kevin Warsh had a speech mere hours after Bernanke’s address to an international monetary conference. After hours of reporting on Bernanke, CNBC’s Steve Liesman switched gears and detailed the comments Warsh had made to a seminar in London. Many were similar to what we’d heard from Bernanke, and as I watched the Warsh flashes cross the news wires, I wondered if he felt at all marginalized by his boss.

The answer, most likely, is no. My question comes from a completely skewed perspective. I keep track of Fed speeches for one reason: to see if any change in economic or interest rate perspective has occurred, and if the markets will react to it.

However, I figure the chairman has rank over Fed governors or other FOMC members, so in my mind, anything they say can’t possibly have the market impact of what Big Ben imparts.

Of course, the stated intention of Fed officials is not to move the markets, and I’m sure any event hosting Fed officials is thrilled to have them on hand. It’s likely only from my very narrow point of view that it feels almost like a letdown.