By: E&P Staff As the Dow sank 280 points Tuesday, newspaper stocks had their own problems, falling across the board on continued worries about ad revenue.
Newspaper sector stocks that had been drifting downward for weeks were not helped by a Goldman Sachs investor note on the nearly uniformly poor July ad results.
Among major publicly traded companies, the only winner Tuesday was E.W. Scripps (NYSE:SSV), which ended the day up 15 cents, or 0.38%, to $40.15. Scripps announced Tuesday that it will close The Albuquerque Tribune if it cannot find a buyer for the 11,000-circulation afternoon daily.
Leading the losers in percentage terms was Chicago Sun-Times publisher Sun-Times Media Group (NYSE:SVN), which fell 23 cents, or 7.96%, to $2.66. The group has been caught up in the liquidity crunch in the asset-based Canadian commercial paper market, and has said it has been unable to redeem at least $48 million in short-term investments.
News Corp. (NYSE:NWS-A) fell 90 cents, or 4.31%, to $20.00.
New York Times Co. (NYSE:NYT) sank 75 cents, or 3.4%, to $21.35.
Tribune Co. (NYSE:TRB) ended the day down 74 cents, or 2.6%, at $27.86.
GateHouse Media (NYSE:GHS) continued its recent price slide, falling 34 cents, or 2.54%, to $13.05.
Lee Enterprises (NYSE:LEE) fell 41 cents, or 2.28%, to close at $17.58.
Gannett Co. (NYSE:GCI) ended the day down $1.16, or 2.4%, to $47.10.
Belo Corp. (NYSE:BLC) slumped 39 cents, or 2.2%, to $17.22.
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