Paper (Reruns)($VRS)

Here we go again with Verso Corporation ($VRS). The company reported numbers earlier this week and the stock promptly traded down over 12% barreling through its 52-week low and notching a 46% decline year-to-date. In "Captain Obvious" fashion, the company noted that "digitization, rise of e-commerce [are] driving fundamental changes." WHOA: what a revelation! Consequently, net sales were down 10.7% with magazine ad pages down 15.3% and catalog mailings down 4.2%. The company has no near-term maturities post-reorg and seems to have some covenant room but this company just doesn't seem to ever be able to just hit a stride. That's a secular declining industry for you.