Business Services Industry
Circulation overstatement at Dallas Morning News hits Belo stock.
Knight Ridder/Tribune Business News, August, 2004
By Barry Shlachter, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News
Aug. 7--Shares in Belo Corp., which owns The Dallas Morning News, fell 7 percent to $21.47 Friday, a day after the company admitted that it inflated circulation figures on which ad rates are set.
Prudential and Fulcrum Global Partners issued downgrades on the stock.
"Wall Street is discounting the bad news, and there's still uncertainty," said William Drewry, an analyst with Credit Suisse First Boston. "But they are incredibly proactive in the midst of a difficult situation."
In a similar case last month, Chicago-based Tribune Co. said it will spend $35 million to deal with advertisers upset over false circulation claims uncovered at two of...
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