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.
For sure, advertising revenues are dropping nationally as economic conditions have deteriorated over the last two quarters.
Newspapers in general are struggling still as advertisers turn more money over to digital. Unlike newspaper display ads, which are just dead print on a...