BofA still Cautious with July Results

By: Jennifer Saba

July results will start rolling this week and though it’s expected statements will improve sequentially, Banc of America is still cautious. The reason: the prospect for rate pressure remains high as does a shift away from print.

In a report issued on Monday, page counts in The Wall Street Journal and The New York Times get a close-up. Based on the first week of August, the research firm thinks total pages are down 0.8% in the Journal while color pages are down in the double digits. The second half should be better for the paper because of easier comps.

In the Times, help wanted, real estate, and telecommunications are all down in the mid-teens. The department store category is down in the high single digits. Movies are down in the double digits.

Online job postings for July on newspaper Web sites are up: The New York Times is up 111%, The Boston Globe is up 14%, The San Diego Union-Tribune is flat at 0%, the St. Louis Post-Dispatch is up 4%, and the New Haven Register is up 33%.

Online real estate postings for the same month are mixed: The Times is up 7%, the Globe is up 55%, the Union-Tribune is up 35%, the Post-Dispatch is down 42%, and the Register is up 2%.

The research firm stamped “buy” ratings on Dow Jones and Journal Register based on its view of the long-term value in the stocks.

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