looking for an EE plug-in/add-on to enable a breaking news drop down banner like on CNN:
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An add-on shouldn't be strictly necessary to achieve this, EE is perfectly suited to handle "Breaking News", "Announcements", etc. natively.
We have added similar Alert Banners on clients sites by creating a dedicated 'Announcement' channel. We render these entries above/below the site-banner and usually limit to
1result at a time. Sometimes we will add additional filters to the result to only show the announcement for
x hours after the entry is published, and allow this default to be overridden by the
expiration_date if it is set.
That, of course, assumes you want to editorialize your alerts. You could also add a specific status or category to an existing channel to indicate breaking-news. Filtering by this parameter, you show the announcement details as above by pulling details such as title and excerpt from the existing entry.
Similar results could be had by limiting to one result at a time and hiding after a given time has passed for RSS feeds, comment feeds, etc.