Bad News Piles Up for New York Times

With News Corp. (NWS Quote) poised to swallow Dow Jones (DJ Quote), New York Times (NYT Quote) looks vulnerable on the eve of what could be the last great newspaper war in New York City.

Shares of the Gray Lady hit 10-year lows Wednesday after a Wall Street analyst downgraded the stock to a sell, citing the potential for a recession to weigh on advertising from luxury goods retailers, which make up 28% of the company's national advertising revenue.

In another sign of weakness, a memo to staff members at the company's flagship newspaper said the publication is cutting newsroom jobs amid a hiring freeze. This at a time when its chief rival, The Wall Street Journal, is hiring as its publisher prepares to duck under the News Corp. umbrella. ...