The most widely read magazine in the world is going to sell stock to the public.
But New Issues, a Fort Lauderdale, Fla., newsletter that examines stock offerings, pans Reader's Digest's initial public offering, which is to be done sometime next month at $18 to $22 a share.
The prospectus says sales growth at the Pleasantville, N.Y., publishing empire is barely keeping pace with growth in the economy -- an anemic 7 percent in the last half decade, New Issues notes. "This isn't a growth company at all," the newsletter says. "It's a firm merely plodding along at the same rate of growth as the entire economy."