Another one bites the dust: Newsday becomes big latest paper to cut stock listings
Newsday joins the Chicago Tribune and Providence Journal, which both announced in the past week that they were cutting the stock listings provided in the newspaper on a daily basis. Newsday made its announcement in this morning’s newspaper.
Again, rising newsprint costs are being blamed.
Here is what Newsday said: “We’re reducing our stock and mutual fund tables in both the daily and Sunday editions by about half. Tuesday through Friday, Newsday will continue to carry listings for approximately 900 of the largest companies and all of the locally based companies. We’ll also include listings for more than 300 of the largest equity mutual funds. Sunday’s editions will include more comprehensive listings for 2,200 stocks and 1,200 mutual funds of all types.”
To its credit, Newsday said it was also adding a new feature called LI Financial Watch in Monday’s newspaper: “It presents unique information, data and charts on companies based here, including the week’s biggest gainers and losers and the stories behind some of the big moves. There is also information on activity in key sector of Long Island’s economy, such as local jobs, housing, interest rates and the cost of living.”
The entire statement can be read here.
I’m never happy to see a paper cutting its stock listings because it means a smaller business section going forward.