Consumer >> Sector Roundtables >> December 16, 2002

Roundtable Forum: Publishing & Information Services

KEVIN GRUNEICH is a Senior Managing Director at Bear, Stearns & Co., covering the publishing and information services industry. He has been named to Institutional Investor's All-America Research Team for the past 18 years, and has been named top analyst in his field eight of those years. Mr. Gruneich was also named to the 2000 Wall Street Journal All- Star Analysts Survey for earnings forecasting and stock picking. Euromoney magazine has listed him among the top publishing analysts in the world. Prior to joining Bear Stearns, Mr. Gruneich worked at CS First Boston as a Publishing Analyst. He has also served as the President of the Media and Entertainment Analysts Association of New York and is a Chartered Financial Analyst. He earned a BBA from The University of Iowa and an MBA from The Wharton School of Business at the University of Pennsylvania. Profile
EDWARD J. ATORINO, CFA, has been an analyst on Wall Street for over 30 years, following publishing, broadcasting, advertising, business services and related areas at Fulcrum Global Partners LLC, Blaylock & Partners, Dresdner Kleinwort Wasserstein, Oppenheimer & Co., Dillon Read, Salomon Brothers, and Smith Barney. He has been awarded several stock-picking awards over the course of his career, and has been ranked by Institutional Investor 20 times. He ranked number one publishing analyst in The Wall Street Journal's 'Best on the Street Survey.' He has an MBA from New York University. He holds the Series 7, and 63 licenses and is a member of the New York Society of Security Analysts and the Media and Entertainment Analysts of New York. Profile
DOUGLAS M. ARTHUR joined Morgan Stanley in late 1994 as a Principal covering the publishing industry. He was promoted to Managing Director in 1997. He came to Morgan Stanley after an almost 14-year stint at Kidder, Peabody, where he was an equity analyst covering industries ranging from paper/forest products and business services to publishing, which he assumed coverage of in 1991. He was ranked as Third Team in 2002 and First Team in 2001 by Institutional Investor, and was previously ranked Third and Runner-up for the last nine years. He also ranked fifth in the recent Greenwich Research poll after placing second in the last two years, as well as ranking first in the 2001 Reuters Poll, and fourth in the 2001 Wall Street Journal stock picking poll. He is the president of the Media and Entertainment Analyst Society of New York. Prior to joining Kidder, he worked at Chemical Bank. He graduated from Colgate University in 1979 with a BA in History and Art History. He earned a CFA in 1989. Profile
TWST: Doug, what has been going on in this industry over the last year?

Mr. Arthur: Despite advertising trends that have been disappointing and

have actually lagged other media ' such as radio