Can't Spell "Below Expectations" Without Belo

Tomorrow morning, Belo Corp. will announce its first-quarter results, and at least one person on the street (OK, doesn't think the news for News' owner is gonna be good. How could it, asks Sandy Brown, when:

"The owner of the Dallas Morning News and regional TV and newspaper assets has seen its shares drop 12% this year. Shares hit a new 52-week low below $19 on Wednesday. In mid-March the company warned that it was cutting first-quarter targets. Belo Chairman Robert Decherd said at the time that while revenue growth would be strong across all operating divisions, including TV, 'the advertising market has been more challenging for Belo's newspapers than originally anticipated.'"

I predict a new 52-week low at close today. It's getting there. --Robert Wilonsky