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The stock market liked the idea so much that when Belo announced October 1 last year it was splitting itself into two separate companies, basically isolating the poorly producing newspapers from the rest of the company, that the shares got a massive 18.7% boost on the day. Investors seem to think it was a great initiative, never before done, to boost shareholder value. But time has shown it was the smart investor who actually saw that October day as a selling opportunity who really cleaned up.
Philip Stone March 6, 2008
New results are in. Stock traders and their dutiful analysts have worked overtime. CEOs are taking bows.
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