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Wachovia Downgrades Dow Jones -- Reuters Looking at DJ Newswire?

Magazine article Editor & Publisher

Wachovia Downgrades Dow Jones -- Reuters Looking at DJ Newswire?

Article excerpt

A Bancroft family representative's assertion that family members holding "slightly more than" a 50% stake in Dow Jones opposed Rupert Murdoch's surprise -- and lucrative -- bid for the company failed to tamp investor and industry sentiment Tuesday that the financial information giant is in play.

Dow Jones flagship The Wall Street Journal reported Tuesday that Reuters is interested in buying parts of the company, including Dow Jones Newswires, and Dow Jones Indexes, which produces not only the famous Dow Jones Industrial Index, but indexes and market indicators for bourses around the world.

The report, citing "a person familiar with the matter," was in the Journal's influential "Heard on the Street" column by Susan Pulliam, Gregory Zuckerman, and Karen Richardson.

Also Tuesday, Wachovia Securities downgraded Dow Jones stock (NYSE: DJ) to "market perform" from "outperform."

The downgrade is not surprising, given that Dow Jones stock leaped 55% on news of the offer by Murdoch's News Corporation. The cash or combination of cash and News Corp. stock offer is valued at $5 billion, or $60 a share -- a premium of 67% on than the stock's price recently. …

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