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Newspaper Stocks Hammered
By
Mark Fitzgerald
Published: October 28, 2009 5:34 PM ET
CHICAGO Wall Street hammered down the prices of newspaper stocks Wednesday, possibly marking the definitive end of the three-month rally that doubled and even tripled the value of some company shares.
Shares of all newspaper companies traded on the New York Stock Exchanged closed down on the session -- most by double-digit percentages. The swoon came a day after the Audit Bureau of Circulations reported the first-ever double-digit percentage decline in overall newspaper circulation. Wednesday, the influential "Heard on the Street" column in The Wall Street Journal suggested investors should flee newspaper stocks.
Dallas Morning News parent A.H. Belo Corp., which trades under the symbol AHC, was the biggest percentage loser, falling off 17.7% on a 69-cent decline to $3.21 a share.
Shares of the two most widely held publisher, Gannett Co. and The New York Times Co., were also down by double-digit percentages. Gannett, which trades under the symbol GCI, lost $1.17, or 10.1%, to close at $10.40. The Times Co., with the symbol NYT, fell $1.15, or 11.8%, to $8.56.
The McClatchy Co., trading as MNI, was down 14.3% on a 46-cent loss to $2.77 a share.
Mark Fitzgerald
(mfitzgerald@editorandpublisher.com)
is E&P's editor-at-large.
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