New York Times Stock Price Plunges
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AP:
NEW YORK (AP) -- New York Times Co. shares slumped Tuesday after an analyst suggested in a media report that the company may need to cut its dividend to avoid a "junk" credit rating.
The newspaper publisher's stock dropped 85 cents, or 6 percent, to $13.24 Tuesday. In the past year it has ranged from $12.08 to $22.95.
Last year, the company raised its quarterly dividend 31 percent to 23 cents, which costs it more than $100 million a year in payments to shareholders.
New York Times Co. has seen revenue contract in recent quarters, which crimps cash available for operations and payments. That led Moody's Investors Service to say it may cut the company's credit ratings if operating metrics do not approve.
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First Posted: 08-12-08 04:09 PM | Updated: 09-12-08 05:12 AM