All of the major US stock indices are, unfortunately, in bear market territory.
The S&P 500 crossed into Bearland yesterday, and dropped a bit further today. The Dow did so on July 1, and remains mired in its own "grizzly" situation. The Associated Press reported on July 2 that "the Nasdaq ..... hit that (bear) mark in March, moved higher and has now returned to a bear level."
So if you're in index funds, this has not been the best of times (but, on the "bright" side, to the extent your 401(k) or other retirement investments are index funds, your current contributions are buying more shares).
Nonetheless, be thankful if you're not directly or indirectly invested in newspaper stocks.
Newsosaur reported today (HT to commenter dscott) that seven newspaper stocks hit record intraday lows in today's trading before recovering a bit before the close:
The shares of seven publicly held newspaper companies today plunged to the lowest point in modern history in perhaps the worst single trading day ever for the industry.
McClatchy (MNI), Lee Enterprises (LEE), and GateHouse Media (GHS) hit all-time lows when their shares skidded respectively to $4.85, $3.11 and $1.55 in the opening hours of trading on the New York Stock Exchange.
Also hitting new lows today were:
- Gannett (GCI) at $17.42, the lowest point since 1990.
- Media General (MEG) at $10.34, the lowest point since 1994.
- New York Times Co. (NYT) at $13.03, the lowest point since 1996.
- News Corp. (NWS) at $14.20, the lowest point in 52 weeks...... the group has lost $3 billion of value since the first of this month .....
You really have to see the graph at Newsosaur to appreciate the full extent of the carnage since 2004. A few of them seem to be in a race to see which will happen first: the presidential election they're covering with such obvious bias, or their insolvency. Talk about a quagmire.
As one of the supposed "newspapers of record," and because of its self-appointed role as unofficial underminer of the Bush Administration, the New York Times deserves special mention, and display:
From an alltime high of $53.00 on June 20, 2002, NYT stock has fallen almost 75%. It's hard to believe that there isn't a correlation between that downward spiral and the paper's ever-worsening case of Bush Derangement Syndrome in the intervening six years.
By contrast, if you are wondering about how Clear Channel stock is doing since the announcement of its $400 million deal with Rush Limbaugh, here's your answer: While the markets have sunk further since the beginning of July, Clear Channel stock was up $0.22, or 0.6%, for the week.
Cross-posted at BizzyBlog.com.
—Tom Blumer is president of a training and development company in Mason, Ohio, and is a contributing editor to NewsBusters
Editor at Large
Comments Policy
It's okay, they'll just
July 12, 2008 - 00:21 ET by zfIt's okay, they'll just blame it on the "recession" and not on the fact their papers are better suited for birdcage lining than reading.
How will we know
July 12, 2008 - 00:22 ET by Captain RepusIf all these major newspapers fail how are we ever going to fully understand all of Obama's assets and McCains faults in time to make an educated choice on voting day.
Woe is us.
Wait, I just remembered we will still have the MSM.
Newspapers
July 12, 2008 - 01:34 ET by garyganuI remember when I was a kid, it was considered a very grown-up thing to do, to read a newspaper. My older brother read the New York Times at the breakfast table and often had political debates with my father when he was only 13.
In Jr. High School, one kid used to bring in the daily news, to read the sports pages and he always knew more about sports statistics than anyone else.
As a kid, I looked up to other kids who read papers as mature and worldly.
Unfortunately, in today's popular culture it is no longer "cool" to be considered grown up and mature. Today, if you emulate adults, you are considered un-hip and square. Many of today's TV commercials, programs, movies and news stories, depict children as clever and adults as dunces. Things that are considered cool today are either unnatural, weird, abnormal, shocking, dangerous, insulting, offensive, evil or just plain wrong.
Another factor is the advent of the Internet, shock videos, and cable TV. Today's multitasking generation, catch up on the news headlines and the sports scores on the Internet at work. Few people will take the time to read an article unless it has to do with sex, drugs and popular culture.
Today's Internet yellow journalism is worse than anything that the mainstream newspapers has to offer, although print outlets are moving in that direction.
I believe that the decline and disappearance of the newspapers is inevitable. It is being replaced by the Internet and reality type programming on cable TV, in today's instant culture. Today's popular culture just does not care about a story unless it stimulates them sexually or instills some sort of thrill in them. Newspapers just can not keep up with the adrenaline rush required by today's frenzied youth. The decline in responsible journalism is just more evidence of the decay of morality in today's society.
I have been in business for a long time, It's a No Mercy zone
July 12, 2008 - 02:01 ET by upcountrywaterWhen i was a kid i had a paper route Denver Post.. Then pay was soo low i had a hard time buying bicycle tires..( most of the time i got mon to drive)..
The internet has delivered DOOM to the paper companies.. good bye!
Costco and home despot has trashed a large chunk of my business, i moved on..changed tactics..
Liberals62%
IranianUranium
I can understand why
July 12, 2008 - 05:07 ET by Rush FanI can understand why newspaper readership is steadily declining. I subscribe to my local newspaper, but only for local news. I, like many others, obtain most of my news and information from cable news (FoxNews) and the internet.
One of the primary reasons I have moved away from newspapers is that I am a conservative. As a conservative, I just want to read news that is factual, fair and balanced. Hold the agenda. Newspapers, for the most part, push a liberal agenda. For example, years ago I subscribed to the Los Angeles Times, but the reporting moved so far left that I had to discontinue it. Although the local newspaper I subscribe to now, The Daily Breeze, attempts to be fair and balanced on the editorial page, the source of most of the national news is from the liberal Associated Press. By the way, The Daily Breeze was pushing Global Warming on the editorial page as an “almost certain fact”. They have stopped since I (and probably others) wrote and pointed out that ‘they were entitled to their own opinion, but not their own facts.’
Another reason why newspaper readership is declining among young people is the abysmal graduation rate. If reading skills are at an eighth grade level, young adults are going to get their news from MTV and Jon Stewart’s The Daily Show.
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Which political party is invested in our defeat in Iraq?
I sold ink to newspapers
July 12, 2008 - 06:41 ET by ncstevemI sold ink to newspapers from '86 - '92. We knew back then (before the internet) that newspaper's days were numbered. I got a friend of mine to take my position when I left. He's still there. He sells to all the major metro NYC and northern NJ newspapers. His business is off 30 % from last year.
His employer (my old employer) projects that in five years, sales for the division that sells ink to newspapers will be less than half of what it is today. I think it could be worse than that.
Couldn't happen to a nicer crowd.
Somewhat related to newspapers
July 12, 2008 - 07:20 ET by BobAnthonyIt pains me to say this, but Fox News Channel has reported their former commentator and first Fox News Sunday host Tony Snow, who also hosted a talk radio show, sometimes filling in for Rush Limbuagh, and who became White House Press Secretary, has died at age 53. He had been battling colon cancer.
Snow I believe once worked for the Detroit Free Press.
He leaves behind a wife and three kids.
May the good Lord rest his soul and bless his family.
Save a tree, close a newspaper!
July 12, 2008 - 09:37 ET by ArchConservativeI love that these papers are eating themselves alive. I love that these people are losing their jobs. For years they have tried to talk down the country and talk down the economy. For years they have tried to destroy our efforts to destroy terrorism here and abroad. It's only fitting that these same people are now out on their asses.
These same people who committed treason in their columns for only one reason, to destroy President Bush, are now unemployed. Well, NOW they can say that there is trouble in LiberalLand: their hallowed halls of B.S. are crumbling. Good.
You support the troops by supporting the mission! If you don't support the mission, have the guts to say you don't support the troops.
Bets, place your bets, which
July 12, 2008 - 12:15 ET by dscottBets, place your bets, which one files bankruptcy first by the end of the year. I submit McClatchy - delist from NYSE by September and under by December.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Got hope?
July 12, 2008 - 13:05 ET by acumenWhy, it almost seems like Americans aren't buying what the newsrags are selling coupled with the print media target audience being lost without the visual stimuli found on Oprah.
Regardless, this is what happens when news outlets put hope and change before substance.
Buying the stock
July 13, 2008 - 04:24 ET by MikeDWhat do you all think of us as conservatives picking a newspaper chain and buying up the stock (of course it has to be money we can afford to lose) and putting pressure on them for more balanced reporting. Even if it means boycotting some advertisers. And get rid of the more liberal people.
It won't be easy, but we could try. Ideas and comments anyone?
I think it's pretty clear
July 13, 2008 - 16:45 ET by entI think it's pretty clear what's happening. Now that he have truly independent alternative news sources via the Internet, people are discovering that they've been relentlessly spoonfed bullsh*t AP propaganda for decades, and they're sick and tired of it.