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.
Layoffs 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:
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.”