Bank Of American Slams Newspaper Industry
Bank of America initiated coverage on several newspaper companies and the news for them was not good. Gannett (GCI), McClathchy (MNI), The New York Times (NYT), and EW Scripps (SSP) were all started at "neutral" and some of bank’s price…
Bank of America initiated coverage on several newspaper companies and the news for them was not good.
Gannett (GCI), McClathchy (MNI), The New York Times (NYT), and EW Scripps (SSP) were all started at "neutral" and some of bank’s price targets are only about where the stocks trade now.
B of A set a price target on NYT of $21. The shares closed at $20.72 yesterday. SSP was started at $43 against a current price of $41.14.
The ratings are likely to drive the stocks lower. Wall St. sees no way out for most of these companies. Their print advertising is falling at a rate of 5% to 10% a year, and online revenue does not come close to making up for that.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
