September 28, 2015 Last Updated 2:26 pm

Afternoon news: US stocks fall sharply; Daily News dirge

The markets continued to be volatile, with US markets down sharply on Monday. With less than an hour left of trading, the NASDAQ was own over 3 percent, or 140 points, while the Dow was down over 300 points (though that was a lesser percentage, just under 1.9 percent).

As usual, China is getting the blame, with a report saying China’s industrial profits dropped 8.8 percent. The concern for US companies is that declining economic conditions in China will hurt US companies who manufacture there, or want to sell their products in the country.

Meanwhile, Apple said that it had sold 13 million iPhones since the launch of the device last week, but even Apple stock is down this afternoon.

NYDN-155Layoffs at the Daily News, announced on the 16th, had The New York Times playing taps for the NYC tabloid.

After recounting the troubles of the paper – declining revenue, circulation that has fallen from 2.4 million three decades ago to 300K – Times reporter Alan Feuer lays out the fallout:

It is hardly news that newspapers everywhere are grappling with the challenges of the Internet, but the ways in which The Daily News has approached this wrestling match have left some members of its staff worried that the paper has betrayed its mission in exchange for digital clicks. It was not just the bloodletting in the feature, sports and business pages, which, people noted, were some of the paper’s most beloved sections; several employees said that The News’s top executives, in their scramble for solutions, had made the paper more down-market and sensational — a tepid imitation of the Post.

WWD reports that two French publications will be launching new print magazines: Les Echos will be launching a weekend magazine, while Le Figaro will be launching new lifestyle magazine, Almaviva.

Of course, the WWD article had to begin “Long live print” as if the launch of two new titles in France spells the end of any idea that the future would involve digital publishing.

In fact, it is safe to say that the need to push the memo that print is coming back strong is very much a case of “the lady doth protest too much, methinks.”

Comments are closed.