Newspaper magnate New York Times (NYT: sentiment, chart, options) this morning reported it swung to a first-quarter loss of $335,000, or a fraction of a cent per share, compared to profit of $23.9 million, or 17 cents per share, a year ago. (The earnings reflect a 7-cent charge stemming from the write-down of assets.) Special items excluded, NYT's earnings from continuing operations docked at 4 cents per share, compared to 17 cents per share a year earlier.

Meanwhile, revenue for the quarter fell to $747.9 million, a 4.9% decrease from $786 million a year ago. The media mogul attributed the decline to eroding ad sales as a result of weaker economic conditions. Analysts predicted earnings (excluding items) of 14 cents per share on revenue of $752.4 million. With eyes to the future, NYT expects to reduce costs by $230 million in 2008 and 2009.

Technically speaking, the stock has been hurting for quite some time now. The shares of NYT have lost more than 64% since hitting $53 in June 2002, and are currently struggling with overhead resistance from their 50-week moving average, hovering near the 20 level. Right out of the gate, NYT shares are flirting with a 2.41% loss, trading near $19.

Near-term options players don't seem to be looking for a rebound anytime soon. The stock's Schaeffer's put/call open interest ratio is docked at 1.21, with options speculators more bearish on the equity only 2% of the time during the last year.