re: #293 3 wood

Good evening.

The market dropped about 1.5% today and is down about 4% since he got sworn in.

The futures are pointing down right now for tomorrow.

But on the bright side, New York Times stock dropped 7% today.

The NYT got a big cash infusion yesterday which should keep it afloat for a few more months. Wonder how they’ll cover this guy now that he owns 17% of the paper?

MEXICO CITY (Dow Jones)—Mexican billionaire Carlos Slim’s $250 million financial lifeline to the New York Times Co. (NYT) is an investment, a spokesman for Slim said Thursday.

“Look, we’re considering the possibility of investing in anything that makes financial sense,” Arturo Elias Ayub told press on the sidelines of an event when asked if Slim was looking to invest in other newspaper companies.

With print subscriptions declining and Internet news sources competing for readers and advertisers, the U.S. newspaper industry was in a precarious situation even before the credit crisis and subsequent economic downturn.

The New York Times is in a tough spot financially with its debt rated as “junk” by Standard & Poor’s, a share price that has plunged 70% in the past year, and $1.1 billion in total debt and just $46 million in cash on its balance sheet at the end of September.

online.wsj.com