NEW YORK (Bloomberg) — Dow Jones & Co.'s shares were cut to "reduce" by UBS AG analyst Brian Shipman, who advised investors to sell the stock because it trades close to the $60 buyout bid by Rupert Murdoch's News Corp.Shares of Dow Jones, owner of the Wall Street Journal, have jumped 59 percent since April 30, the day before News Corp.'s $5 billion offer was made public. They fell $1.24, or 2.1 percent, to $57.90 at 4 p.m. in New York Stock Exchange composite trading.

"There's little likelihood that News Corp. will raise its bid by anything more than a nominal amount," Shipman, who had rated the shares "neutral," said in a note to investors yesterday. "We advise investors to take profits."

Members of the Bancroft family, who control New York-based Dow Jones, are studying News Corp.'s offer after initially rejecting it on concerns Murdoch may meddle with the Journal. The family is working on a plan to safeguard the newspaper's editorial independence in a way that is suitable to Murdoch.

Dow Jones shares fell to less than $60 on June 12 after rising as high $61.20 on June 1, after the Bancrofts agreed to meet with Murdoch. No other potential buyer has emerged, damping prospects for a higher News Corp. bid. The stock closed at $36.33 on April 30, before the offer became public.