function...
$('.newsitem').hover(
$(this).children('.text').animate({height:'34px'}),
$(this).children('.text').animate({height:'0px'})
);
To:
$('.newsitem').hover(function() {
$(this).children('.text').animate({
height: '34px'
});
}, function() {
$(this).children('.text').animate({
height: '0px'
});
});
$(this).children('.text') .