The common stock of the New York Times (NYSE: NYT) plunged from $10.87 last week to a close of $8.19 on Friday after the liberal mouthpiece announced that its 3rd quarter net income dropped 85 percent.
While analysts are blaming soft advertising revenues, I think something more ominous is happening at America’s national, bleeding-heart newspaper.
(Editor's note: I'm taking a few days off. I'll see you guys again on Tuesday with a crop of Email and Hate Mail)
For sure, advertising revenues are dropping nationally as economic conditions have deteriorated over the last two quarters.