movement at the station, page-18

Buyers who pushed APN up yesterday may have indigestion today. After a profit warning issued last night.

APN News & Media fears its full year profit will be slashed by almost a third following a major weakening in newspaper advertising markets.
In a trading update released after the stock market closed on Thursday, the trans-Tasman media group said publishing revenue had slumped 10 per cent since June on the back of weaker ad markets.

With the US weaker, this will be a test for the media stocks sentiment. If Fairfax falls back today it will be no surprise. But if it holds or only weakens a little, then it will be game-on as soon as the overall market turns up again.