Is This the Start of the Recession? Ad Revenue in Newspaper Industry Predicted to Drop 9 Percent Next year

Bank of America analyst Joe Arns cut his rating on the New York Times company to “sell” from “neutral” and reduced his price estimate on the stock to $14 from $21. Mr. Arns estimated that ad revenue in the newspaper industry will likely drop 9% next year as a collapse in the housing market, coupled with a hiring slowdown, reduce the demand for classified advertising. Crains New York