Newspapers Are a Bad Investment? Tell Me About It.
Thanks to some dude named Anthony Noto at Goldman Sachs, newspaper stocks are tanking today. Seems Noto, who Forbes recently said was pretty good at picking stocks, said today that he "anticipates ad sales will weaken further as economic conditions continue to deteriorate in 2008," and Goldman Sachs today is hitting the virtual pavement to warn investors that newspaper stocks are a lousy investment for the foreseeable future.
Noto was particularly hard on The New York Times, but on the day Belo Corp. announced its partnership with Yahoo! News, to which Belo will provide local news video clips from 13 of its TV stations (including WFAA-Channel 8), its stock is drop, drop, dropping -- as of 2:35 p.m. today, by 38 cents to $15.09. --Robert Wilonsky