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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: siempre who wrote (11522)	9/8/2004 9:46:05 PM
From: Pogeu Mahone	Read Replies (4) of 116555

Wall Street Journal dashes ad hopes David Teather in New York Thursday September 9, 2004 The Guardian The publisher of the Wall Street Journal yesterday warned that the newspaper was likely to suffer a sharp drop in advertising in the current quarter, sparking broader concerns for the health of the market. Dow Jones said profits in the third quarter would at best match the previous year because of the unexpected shortfall at the Journal, its leading title. Third-quarter advertising volumes at the Journal are expected to fall in the mid-to high single-digit percentage range from a year ago, a reversal of previous forecasts of growth in low single-digit percentage figures. The company cited particular weakness in travel, retail, technology and general business-to-business advertising. The biggest decline during August was at the Wall Street Journal Europe, where advertising volume dropped 17.4% per issue. In the US the decline was 0.1%. The company said the declines would be sharpest in September, however. Newspaper advertising had been gradually returning to steady growth. According to Zenith Optimedia, ad spend in American newspapers had been sliding for years but picked up from $45.3bn in 2002 to $46.2bn in 2003. Fulcrum Global Partners analyst Edward Atorino said the Journal figures were a worrying sign. "These are categories that represent fairly broad sectors of the economy. It could mean bad news for some of the big city newspapers like the New York Times and the Los Angeles Times." The statement from the Journal "could set a cautious tone for the whole earnings season". Advertiser links Save Now - 21st Century Insurance Save $300 on auto insurance and get more coverage and more... 21st.com Motor Vehicle Insurance Are you a driver over 50? You could save up to $300 in... aarp.thehartford.com Drive Away with Savings Auto insurance from the American Express Property Casualty... americanexpress.com Technology advertising volumes at the Journal fell by 26.4% in August, the company said. The largest declines were in communications and software firms. A number of big names in technology have issued cautious earnings forecasts in recent weeks, including Intel and Hewlett-Packard.

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