Short These 3 Stocks If The Economy Tanks
By David Sterman
Every year, Goldman Sachs hosts the "Communacopia Conference," an investor gathering that focuses on various public companies involved in mass media and advertising. The conference, which is now in its 20th edition, is a real chance for firms to hobnob and glad-hand, but amid all the buzz at this year's event, The New York Times Co. (NYT) sought to dampen the fun. The venerable media company announced print advertising revenue has suddenly slumped anew. As a result, the company projects ad revenue in the third quarter ending Sept. 30, to total $258 million, 10% below prior-year levels. This is sobering news for an industry that was just starting to put the brutal slowdown of 2008 and 2009 behind it.
Analysts have been slow to react, but expect them to lower their 2012 earnings forecasts and target prices for many major media companies. The good news is TVComplete Story »