“Nancy’s Fall From Grace?”

…That’s how one e-mailer described her recent ratings. On Tuesday night Grace covered the Schiavo battle, the Jackson trial, and had an exclusive interview with the daughter of Atlanta shooting victim Judge Barnes. But she only delivered 386,000 viewers and a 0.4 rating — a 40% drop from Monday night. MSNBC’s Countdown with Keith Olbermann beat Grace in total households, with 346,000 to Nancy’s 308,000. Here’s the two-day comparison:

Monday: 0.6 / 491,000 HH / 647,000 P2+ / 186,000 25-54

Tuesday: 0.4 / 308,000 HH / 386,000 P2+ / 106,000 25-54

The drop was even more dramatic in the 18-49 and 18-34 demos. One industry insider loudly wondered whether the “bloom is off the rose.” But when you take the longer view, the drop is not as bad. “The show has averaged 472,000 viewers during its 8 p.m. ET telecast in its first month, compared with the 209,000 viewers Headline News was getting a year ago in the slot,” the Hollywood Reporter said yesterday.