A few days ago morningstar put out a report that indicated that newspaper stocks are still overvalued. The subhead - The industry is in terminal decline.
After an 80% decline for most of them, the CEOs have been wondering how it can get worse. Morningstar's answer is two-fold, zero and eleven. As in equity that can go to zero and filing chapter eleven.
The worst of the bunch reviewed was GateHouse (GHS). Simply put - "{Morningstar} believes their equity is worthless"
It's honestly the most negative report I've read on the industry in at least a week.
Wednesday, August 20, 2008
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