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Have you looked at which pages the falls in visitors are on or is it spread across the whole site? Can you see if certain keyphrases are particularly affected. You are obviously monitoring traffic but are you monitoring rankings? Did Google News previously send a lot of traffic? Are you still a Google News source? Without more information and access to the analytics it is difficult to give a definitive answer. If it happened at the time of the panda/farmer update then I would suggest that perhaps the sites you have links from have been devalued.

Hey Mike I have a site, it lost about 80% of traffic on the 7th of February. I have seen that there was some talk of results changing in the UK on the 7th but this one site has been hammered. It's annoying really as the major competitor is almost a perfect case for how to cheat. The business provides several services all from one site as does the one I manage. But, they also have the URLs for each of these services  and use them as single pages designed to throw the user to the main site (duh - doorway pages) but... the thing is, it works for them, has worked for years and years and on this last update, it seems to be getting better. Really annoying and likewise, I have not had any good feedback as to what the problem may be from other SEO folks I know. So, good folks of SEOMoz - any ideas on this one? It may help me figure out what has gone wrong with my fathers site as well which is http://www.vinyltodigital.co.uk Marcus