Investors punish US daily newspaper publishers for mediocre 3Q performance

摘要

A sell-off of newspaper publishers' stocks that started late last week with Gannett's quarterly results and a negative industrywide outlook from the credit rating firm Moody's continued this week (P&PW, Oct. 15, p. 5). Investors punished both the New York Times Co and McClatchy Co for failing to reverse 2009's third quarter slump in print advertising, a quarter that was down substantially from third quarter 2008.