Always read the footnotes

Gannett Co., New York Times Co. and E.W. Scripps Co. may post steeper revenue declines than expected through 2009, with cost cuts failing to mitigate the drop, Wachovia Capital Markets analyst John Janedis said.

Newspaper industry revenue may fall 14.1% in 2008 and 9.8% in 2009, New York-based Janedis wrote in a note to clients Tuesday, compared with his previous estimates of 12.7% and 7.2%. Newspaper advertising may slide 13.5% this quarter, after an estimated 16.2% drop in the third quarter, he said.

Detroit Free Press

(It’s almost funny to read analyst predictions from hosed banking houses. They should add to the bevy of disclaimers that come with securities research: “But, heck, we don’t know how to run our businesses either.”)