Valassis Shaves 100 Jobs as Value Plummets

LIVONIA, MI—Following a third quarter loss of $5.2 million, Valassis Communications announced it had cut 100 jobs, the Detroit News reported. Valassis was also removed from the Standard and Poor’s MidCap 400 index after its market value dropped the company to last among the ranking of 400 mid-sized firms. Valassis also cut its 2008 profit forecast by as much as 28 percent. The company expects adjusted profit of $1.71 per share for the year, according to the paper, down from the $2.14 to $2.39 range projected earlier.