A little stock market wisdom as we await the debut of Briefing, the new high-end freebie from Dallas’ Only Daily Newspaper. The first copy is supposed to hit front porches on Wednesday.

Morningstar’s Matthew Coffina wrote: "We think [newspaper] stocks have further room to fall, as declining revenues and negative operating leverage combine to create a downward spiral for this moribund industry."

Wow. Doesn’t make it sound like this is a good time to take on the expense of publishing and delivering a free paper, does it? The report identified five newspaper stocks that it said remained overvalued, despite significant declines this year –- The New York Times Co.; Gannett, which publishes USA Today; two regional chains; and McClatchy, which owns the Star-Telegram. Of McClatchy, whose stock has fallen from $24.05 to $3.70 in the past 52 weeks, Coffina said: "We expect McClatchy to see 4.7% annual revenue declines over the next five years and only irregular profitability."

And, on that note, every full-time employee at the Star-Telegram was offered a buyout yesterday, part of chain-wide attempt to slash costs again. It’s the third time employees have been laid off at the paper this year.