Deep differences of opinion over tax and spending reforms made it impossible to strike a compromise, and this defeat will mark another market-negative catalyst from our federal government.

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"We believe anything short of Tribune selling itself at a significant premium, which is highly unlikely in our opinion, will serve as a negative catalyst for the newspaper group and for Tribune, " Huber wrote in a research note.

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The negative sentiment backdrop suggests that a positive catalyst could fuel a strong rally.

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So he waits for a catalyst--an executive's negative comment at a trade show, or maybe missed quarterly numbers--and shorts the stock again.

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