On Wall Street, The Press Is Getting Good Press

Newspaper publishing stocks have few friends on Wall Street. They have treaded water since the New Year, and most now trade below the prevailing price-earnings ratio--26--for the Standard and Poor's 400-index of industrial stocks. That's quite a comedown for the group, which usually trades at a 20% or better premium to the market's p-e. Are newspaper stocks dogs? Or are they that Wall Street grail--an "underappreciated stock."

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