Tribune execs may have shrugged off the company's bad tax news, but Wall Street did not. Tribune stock fell today to a new four-year low of $34.22 a share, down 4.3% on the day, on huge volume for the Chicago firm. Says Douglas Arthur of Morgan Stanley Equity Research: "Why management did not settle this years ago is anybody's guess. The cost to investors and therefore the company's cost of equity capital from the looming anxiety of this outcome has been incalculable." Merrill Lynch switched to neutral from buy on Tribune stock, and Fitch Ratings put the Tribune's commercial paper on Rating Watch Negative.