David Meerman Scott wrote a book called newsjacking. He talks about spotting late breaking news and associating your brand with insight, a solution, a positive message, etc.
Although this is not corporate newsjacking, I think this is a good example of the power of newsjacking:
I love the fake twitter account
The Rise Of "Good Job, Good Effort" Kid
Last night, the Miami Heat lost to the Boston Celtics, but let's not let that overshadow the instant fame of the world's most positive Miami Heat fan.