In on-air gaffe, Fox Business Network confuses Apple with Abu Dhabi

Fox might mean business, but it also means unintentional comedy.

(Credit: Fox Business Network)

The Writers Guild of America can keep up its strike--there's plenty of unscripted comedy on the fledgling Fox Business Network.

On its morning show, Money for Breakfast (full disclosure: I have been a guest on Money for Breakfast), anchor Alexis Glick accidentally reported that Apple had taken an 8 percent stake in chipmaker Advanced Micro Devices.

"There's some news coming across the tape right now," Glick said on the live program. "We're seeing from Wall Street Journal that Apple is buying an 8 percent stake in AMD."

Money for Breakfast host Alexis Glick

(Credit: Fox Business Network)

In fact, it was the government of the United Arab Emirates state of Abu Dhabi, not Apple, that had purchased the stake in AMD. Yes, yes, I know Steve Jobs' Cupertino empire really could be mistaken for a cash-flooded sovereignty sometimes. But let's be serious. Apple? Abu Dhabi?

When the mistake became clear, Glick's co-host, Peter Barnes, said, "Oh, the Arabs. OK." To make matters worse, the program even referred to the country incorrectly, as "Abu Dubai," not "Abu Dhabi."

Even funnier, contributing analyst Charles Payne--the founder and CEO of Wall Street Strategies--had gone right along with the gaffe. "That's real smart by Apple because AMD is in trouble right now," he had said to Glick. "AMD has always had two problems: either it had a great product that was either sometimes superior to Intel but not the distribution, or it would have a terrible product that obviously they couldn't compete."

Never mind the fact that Apple has been stocking its computers with, um, Intel chips, and has been doing so for over two years. If Jobs & Co. had bought a stock in AMD, that'd be beyond huge news.

It doesn't look like any video of the snafu has surfaced (yet), but check out the transcript, courtesy of the Silicon Alley Insider. It literally reads like something out of Anchorman or a Saturday Night Live skit:

ALEXIS GLICK: There's some news coming across the tape right now. We're seeing from Wall Street Journal that Apple is buying an 8 percent stake in AMD."

PETER BARNES: "The big chipmaker, yup. And AMD and Intel battle back and forth, and so this is a very significant statement by Apple, Charles and Liz, is it not, that it's going to buy in to AMD, pick one of the two?"

(one-year charts of Apple Inc. and AMD)

CONTRIBUTOR CHARLES PAYNE: "Well, yeah, and AMD needs, uh--that's real smart by Apple because AMD is in trouble right now. AMD has always had two problems: either it had a great product that was either sometimes superior to Intel but not the distribution, or it would have a terrible product that obviously they couldn't compete. And they're sort of in the middle right now--they haven't had great product offerings per se recently, the stock has been really just sort of muddling along, so I gotta tell you, Peter, I think it's a smart play by both companies to get involved with each other."

BARNES: "And we are getting some more news (inaudible)"

GLICK: "That, oh, it's not Apple. Let me just correct ourselves here. It is not Apple. (cross talk) Alright, I'm sorry, we got a little ahead of ourselves here on that. Um, Apple Dubai? Abu Dubai." [sic]

BARNES: "Oh, the Arabs. OK."

GLICK: "Oh, OK, there we go. (Laughs) We thought it was Apple! We got so excited about it!"

[Pete Bardo]

Big Surprise

Network news isn't always accurate and the anchors aren't always intelligent. Score one for bloggers--they seem to have gotten the story right.

This would be why I don't watch TV news. First off, it's not always right--actually it's wrong most of the time. Second, the political news usually just ticks me off and there's not one thing I can do about it.

I think I'll take FBN off my favorites list.

[JonTitor]

And they say watching the news is productive

"To make matters worse, the program even referred to the country incorrectly, as "Abu Dubai," not "Abu Dhabi.""

actually Abu Dhabi isn't a country, it's an Emirate of the UAE, Dubai is another Emirate. But yes it's still sad to see them get it all wrong. And big rebound saying "Oh the Arabs"

it's also sad to see a serious business report getting all excited over Apple's business like a teenager and iPods

[gishimuku14]

the reporter is no better

she states that

"In fact, it was the government of the United Arab Emirates state of Abu Dhabi, not Apple, that had purchased the stake in AMD."

Abu Dhabi is the capital, not a state.

She also stated:

"When the mistake became clear, Glick's co-host, Peter Barnes, said, "Oh, the Arabs. OK." To make matters worse, the program even referred to the country incorrectly, as "Abu Dubai," not "Abu Dhabi."

Referred to the country incorrectly, not Abu Dhabi...Abu Dhabi is the capital, not the country.

Everyone involved in this story is obtuse. Probably even myself for taking the time/caring enough to write this.

[smandley]

The first sentence is correct

Abu Dhabi IS one of the seven states that make up the UAE. Its largest city, also named Abu Dhabi, is the capital of the country. Mubdala Development, which is making the investment, is funded by the state, not the city.

[vassanc]

it's Fox, what do you expect?

no one seriously watches fox business for their analysis do they?

i think their definition of 'research' involves checking google AND yahoo

[reader123aaa]

Perhaps the author needs an education as well

Abu Dhabi is not a "country" you git, it's an Emirate in the United
Arab Emirates and the federal capital of the UAE.