Related: New York Times Turns a Profit
But it was a good deal to save your jobs, right, hard-working propaganda flaks?
How's it feel to get f***ed? Not too good, hanh?
"Newspaper stocks up on ’10 estimate" by Bloomberg News | July 28, 2009
NEW YORK - The New York Times Co. rose the most since February, leading a rally among newspaper publishers, on speculation that the company’s profits will rebound.
Edward Atorino, a New York-based analyst at Benchmark Co., said the Times Co. will earn 9 cents a share next year after posting a 2009 loss. The company posted more earnings than analysts estimated last week after it cut jobs and wages at its namesake newspaper and The Boston Globe.
“The doomsday scenario no longer applies,’’ Atorino said yesterday. “The quarter was bad, revenue was awful, but cost-cutting was remarkable. Some who thought they were going to go out of business have to buy stocks.’’
The Times Co. rose 16 percent to $7.71, the highest price since December. Gannett Co., publisher of USA Today, jumped 12 percent to a six-month high of $6.52. McClatchy Co., which owns the Miami Herald, gained 19 percent to $1.39.
The Times Co., Gannett, and McClatchy shares have retreated four straight years, losing more than 80 percent of their value since the end of 2004, as newspapers lose readers to the Internet.
Ad sales plunged 30 percent in the second quarter at the Times Co. and 27 percent during the January-through-March period.
--more--"But SOMEHOW they made BIG-TIME PROFITS!!!!!
Ready to JOIN US, "reporters?"
