Acquisition moves by JP Morgan Chase and Bank of America counter subprime mortgage meltdown with extensive, positive media coverage
CHICAGO, April 23 /PRNewswire/ -- JP Morgan Chase and Bank of America, both pursuing major acquisitions in the troubled financial services market, rapidly rose to number two and eight respectively in the Cision Index, a quarterly assessment of how news coverage reflects and helps shape the corporate reputation of the 100 largest U.S. companies.
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Bank of America, which announced its intent to acquire troubled mortgage company Countrywide, soared 79 spots, while JP Morgan Chase, which came to the rescue of beleaguered Bear Stearns, jumped 30 places in the first-quarter 2008 Index rankings.
Other financial services firms that positioned themselves strongly in the face of the credit crunch and subprime mortgage doom and gloom hanging over Wall Street also fared well. Morgan Stanley rose 72 positions, with news of better than expected first quarter profit; Goldman Sachs earned a 12th place ranking with earnings that beat analysts' projections.
"The major-media coverage we are seeing in the financial services industry demonstrates how smart corporate decisions can deliver a huge image boost -- even in the toughest of times," said Joe Bernardo, President and CEO of Cision North America. "Bank of America and JP Morgan Chase did well positioning their corporate moves and explaining why they would benefit company shareholders."
Fannie Mae and Freddie Mac climbed by 80 and 74 positions respectively on the Index. While neither made the top 10, the companies received extensive coverage related to the role they potentially will play in rejuvenating the mortgage industry.
Four Tech Companies in Top Ten
While financial service companies were making noise, Microsoft continued its stay at the top of the Cision Index. The company's profile and coverage got a boost from its efforts to acquire Yahoo, as well as its plans to make more of its products available on the Web.
In addition to Microsoft at number one, several other technology firms occupied the top 10. Apple Computer made its Cision Index debut at number three, benefitting from a host of positive product news, including the introduction of the MacBook Air, new business features for the iPhone, and the ability to download movies on iTunes. Other technology companies in the top 10 were IBM, which jumped four positions to five, and Cisco, which advanced from the 12th spot to 10. Both delivered positive quarterly earnings, while IBM also announced a $15 billion stock buyback plan.
Telecommunication giants Verizon and AT&T held down the number six and nine slots, respectively, as both benefitted from their roles in the wireless spectrum auction conducted by the FCC, as well as new $99 unlimited cell phone plans. Verizon remained steady at six, while AT&T slipped from two to nine.
Wal-Mart was the lone retailer in the top 10 as the discount store benefited from coverage of its refocus on low prices during an economic downturn. On the entertainment front, Walt Disney remained in the top 10, rising to four from number seven.
Q1 2008 Cision Index -- U.S. Edition: Top 10 Companies
1. Microsoft
2. JP Morgan Chase
3. Apple
4. Walt Disney
5. IBM
6. Verizon
7. Wal-Mart
8. Bank of America
9. AT&T
10. Cisco Systems
Methodology of the Cision Index -- U.S. Edition: Cision's Corporate Media Reputation Index includes analysis of news items to rank the media reputations of the largest 100 U.S. companies. Cision (www.us.cision.com) gathers news from America's most prominent national dailies, and top business and news magazines, ranging from The New York Times and The Wall Street Journal to Fortune and Forbes. Each company is assigned a score based on the number of positive and negative reputation-driving attributes found in each story. These attributes are classified into five dimensions: stakeholder relations, financial management, products and services, organizational integrity and organizational strength.
About Cision AB: Cision AB (www.cision.com) is a global industry leader in business and communication intelligence. The firm provides media research, distribution, monitoring and communication evaluation, as well as target group identification and distribution of information for PR and IR purposes. Cision AB has annual revenue of SEK 1.9 billion, and has around 2,700 employees in Canada, China, Denmark, Finland, Germany, Hong Kong, the Netherlands, Norway, Portugal, Singapore, Sweden, Lithuania, United Kingdom, and the United States.
SOURCE Cision US Inc.
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