NEW YORK — Business journalist Thom Calandra, a commentator for CBS MarketWatch and author of a financial newsletter, resigned Thursday after a query by the Securities and Exchange Commission sparked an internal probe into his stock trading activity.
Calandra reportedly missed a Wednesday deadline to turn over some of his records to MarketWatch execs. In December, Calandra told the company that he had received a letter from the SEC’s San Francisco office asking for records of his stock trades plus copies of his newsletter, “The Calandra Report,” and email alerts he sent to subscribers. MarketWatch execs said the SEC had also asked them for a copy of the company’s policy regulating trading by journalists.
Business reporters are generally forbidden to own shares of companies they write about. If they do, they must operate under certain restrictions, like not trading the stock for certain periods before and after a story comes out. CBS MarketWatch said it has such a policy in place. Calandra, like other financial newsletter writers, was obliged to reveal his holdings in each publication.
Citing the stress of work and the inquiry, Calandra, a former columnist for the San Francisco Examiner and editor at Bloomberg News, said he was taking time off to focus on his family.
Shares of MarketWatch, which is partly owned by Viacom, fell 9.42% on Thursday to $9.90.