There is no spectacle more enjoyable than that of a self-righteous fop who, in his zeal to demonstrate to the world just how pure and holy he is, ultimately immolates himself like a Tibetan monk on a street in Lhasa. Thus the fate of Carbonite – one of the recent former sponsors of the Rush Limbaugh radio program.
On Saturday, Carbonite CEO David Friend released a statement on his company’s website declaring that Carbonite had decided to “withdraw” advertising from Rush Limbaugh’s radio show in the wake of his controversial remarks involving Georgetown Law student Sandra Fluke because it will “ultimately contribute to a more civilized public discourse”:
Even though Mr. Limbaugh has now issued an apology, we have nonetheless decided to withdraw our advertising from his show. We hope that our action, along with the other advertisers who have already withdrawn their ads, will ultimately contribute to a more civilized public discourse.
However, it hasn’t done much to contribute to his company’s stock price. Since the market opened on Monday through its close today, Carbonite stock (NASDAQ:CARB) has plummeted nearly 12 percent, outpacing the drop of the NASDAQ index in that same time period by nine-and-a-half points. It was also one of the biggest decliners on the NASDAQ on Tuesday.
I suspect the trend in Carbonite’s decline will continue until it is close to the level at which it undoubtedly languished before signing up with Rush.