By: Jennifer Saba Any good will towards newspaper companies for strong performances in August may be short-lived. September is more than halfway through and already several companies are warning that in the end, things won't look pretty.
Many are blaming an untimely Labor Day and several hurricanes for the cause.
When The New York Times Co. trimmed its estimates for the year this week, it prompted Goldman Sachs to scold the industry at large. Indeed, Belo, Knight Ridder, Tribune, and Dow Jones and Company all warned of softer times ahead.
In a note issued by the investment firm on Monday, it said that all newspaper stocks -- including The New York Times Co. -- ?will continue to under perform as long as ad revenues are sloppy and earnings estimates are declining.?
The note went on to say that no relief is in sight for these two aliments ?over the balance of the year.?
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