Nighthawk has been cancelled after four issues, with the fifth and final issue releasing September 28th. David Walker, the writer of the title, was understandably upset regarding the news, but was doing his best to hold his chin up.
Nighthawk had fallen quickly to 13,000 units sold per month, a number which is pathetic when compared to Spider-Man. So in the end the book was cancelled for the low sales, and that is your fault, says Brian Michael Bendis.
In the end though, every reason listed above is misleading. Yes, if the book is bought less, it will likely be cancelled, but it ignores the fact that people don't want to spend four dollars on a book about a third tier character sight unseen. That book may be great, but because the character is largely unknown, you will not be able to learn about this until word of mouth spreads. Canceling a book after just four issues prevents word from ever spreading and is a disservice to the work of its creators. Furthermore it rejects the idea that Marvel is all about "telling great stories."
Even then, using the numbers from The Outhouse's previous analysis of low selling books, Marvel actually stood to generate $100,000 a year from the title. It should be noted that when that analysis was put together, it was assumed that Marvel was paying fair wages, a fact which betrays their reputation.
So why cancel it? I suppose it's because #1's sell better, of which Walker has one coming up with Occupy Avengers. Walker's new title is probably the reason Walker's old title is cancelled.
David Walker is an incredible writer, and I encourage you to read his work. It is a shame to see his title cancelled, but that's just how things go over at the House of Recycled Ideas.