Holiday gift spending fell short of already modest expectations, reports out today say -- bad news for newspapers, dependent on strong retailers to lift ad revenues in the first quarter. Led by major advertiser Macy's, shares of retailers from Target to Wal-Mart were down in early trading. Gannett shares, which had a big run-up last week, also were modestly lower.Updated at 7:11 p.m. with this new analysis from financial news website TheStreet.com: "Recessions do the most damage to those companies that are weakest going in, and that is why the newspaper industry will need a miracle in 2008."
[Image: A customer checks out at a Target store in Lombard, Ill., in this Dec. 6 file photo by the Associated Press]
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