Consolidation--The Juggernaut Hits the Wall

The industry's leadership is in transition. "Industries are often defined by their leaders. Exxon, International Paper, AOL, Intel, Cisco—these are industry bellweathers. The printing industry's bellweather was always R.R. Donnelley. A few weeks ago, R.R. Donnelley's stock was at an eight-year low. We have had the greatest bull market this country has ever known, and the industry bellweather—and now its second largest company—is trading at an eight-year low."