Goldman Sachs downgraded Dow Jones (DJ) on potential weakness in its Wall Street Journal and local media properties. The bank cut its earnings forecasts for the quarter and the year.

The perception that earnings at Dow Jones may be getting worse almost certainly rules out a bid at the $60 level from someone other than Rupert Murdoch. One of the beefs about DJ management is that they have not been able to create large, profitable businesses outside the Dow Jones news and Wall Street Journal franchises.

Douglas A. McIntyre