Consolidation--The Juggernaut Hits the Wall

Nationwide's Norton sees a similar lesson to be learned. "An acquired company still has to be operated after it is acquired and there should be a business purpose in the acquisition other than just adding another company to the mix," he says.

Of course, the printing industry is not the only sector that has fallen out of favor on Wall Street; indeed, it is one of many so-called "old economy" industries that is watching with some frustration as investors swoon over newly public dotcoms, regardless of their having achieved little or no real profit.