Minyanville's top dog, Todd Harrison, dares to ask in public what Wall Street types quietly consider in private. For more insight and ideas, visit www.Minyanville.com.
Yikes, Lehman downgrades Scripps (NYSE: SNI), Gannett (NYSE: GCI) pooped the bed. What the heck is happening to these paltry little rags?
Some thoughts:
- The internet is the single biggest deflationary force ever invented and the "information deflation" is in full force.
- Without a doubt, my bullish bent on the newspaper names was my single worst "call" of the year.
- The thesis was that portals will buy the papers to feed content into their pipes.
- That remains a viable option for some of the franchise properties, although it will seemingly happen -- if it happens -- from lower levels.
- I still own some GCI January calls but have quickly become lottery tickets.
R.P.
Position In GCI
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