Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: McClatchy (NYSE: MNI) shares fell 10% today on lower third-quarter revenue and earnings. 

So What: The newspaper publisher reported earnings of $0.14 per share, down from $0.28 per share a year ago. Revenue was also down 6% to $327.7 million, as advertising revenue fell in each month of the quarter. 

Now What: The newspaper business continues to struggle, and McClatchy has been no exception. Adjusted earnings of $0.12 per share actually beat analysts' estimate of $0.11, but that wasn’t enough to excite shares. This Fool never likes jumping on a sinking ship, and the newspaper business hasn’t shown any signs of turning around in recent years. I’m not buying this dip.

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