The rise up to near $19....and plunge back to $17 and change is not a good sign. It got short term frothy. Still puzzled by the market's reaction to the earnings report, but lets face it, stocks can trade within reasonable ranges, and still be considered fairly valued. I believe, ultimately, the Street looked at the bottom line results, and took that at face value. But as it stands now, unless ad revenues start growing again, this is likely to be only an average, or perhaps somewhat above average, performer, for the next year.
Ad revenues should NOT still be shrinking like they are. I take that, at this point, as a serious sign, that compromises estimates of long term value. (I'm not convinced that we'll be in more than a position of flattish revenues now, in the best years of this current economic recovery.) It's going to be tough out there...much tougher than I thought it was going to be, a year ago. That makes me sad, because I LOVE newspapers, and newspaper companies (especially physical PRINT), but, I guess I have to accept things.
LEE is the best buy in this sector....by far. I've got the vast bulk of my firepower there now.