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Dow Jones lowers its third-quarter guidance

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New York—Even though its flagship, the U.S. edition of The Wall Street Journal, reported that its advertising linage increased 4.7% in August compared with August 2003, Dow Jones & Co. lowered its guidance for the third quarter.

"Through the first two months of the third quarter (July and August), advertising revenue at The Wall Street Journal was in line with our original outlook and revenue per page was well above. … However, at this time, these favorable trends are more than offset by September advertising reservations at the Journal, which are below expectations and last September, due mainly to weak technology, travel and general b-to-b bookings," Rich Zannino, Dow Jones exec VP-COO, said in a statement.

Zannino said Dow Jones now expects "Journal linage to decline in the mid- to upper-single-digit percentage range compared to third quarter 2003, which would result in third quarter 2004 Dow Jones earnings per share in line with third quarter 2003, excluding special items in both periods."

—Sean Callahan

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