Sector Roundup: Newspaper Publishers' Earnings Reports

By: The New York Times Co. became the latest newspaper publisher to warn of weaker results this week, pulling down shares of several newspaper companies in Friday morning trading.

After the close of trading Thursday, the newspaper said a challenging advertising market weighed on results, making third-quarter earnings well below last year's level.

New York Times shares headed down, losing 57 cents, or 2.5 percent, at $22.26.

Earlier in the week, Dow Jones & Co., publisher of The Wall Street Journal, cut its third-quarter profit forecast on soft September advertising revenue. Dow Jones shares regained some ground, climbing 43 cents to $33.30.

Tribune Co. also rose, up $1.64, or 5.1 percent, to $33.69, on news that the company's directors could possibly sell, break up or take private the company, because of pressure from shareholders to boost the company's stock price.

But many newspaper stocks stood on negative ground.

Belo Corp., which publishes of The Dallas Morning News, said on Thursday its newspaper group will probably miss its guidance from flat newspaper advertising revenue in the third quarter.

Belo stock declined 40 cents, or 2.5 percent, to $15.47 on the New York Stock Exchange.

Elsewhere in the sector, The Washington Post Co. shed $3.50 to $724.50, and E.W. Scripps Co. lost 21 cents at $46.48.

Journal Communications Inc., parent company of the Milwaukee Journal Sentinel, fell 20 cents, or 2 percent, to $10.84, and Media General Inc., parent of the Tampa Tribune and Richmond Times-Dispatch, lost 28 cents to $36.82.

All shares trade on the New York Stock Exchange.