McClatchy investors are losing their shorts, and the bad news for McClatchy investors keeps getting worse. Today comes shocking news from Alan Teitleman at All Things Political: McClatchy stock is at a 17 year low, and circulation has fallen 6 percent over the past year.The parent company of the Charlotte observer is currently sitting at under 12 dollars a share - a 17 year low. I had to look all the way back to November of 1990 to find a lower price per share. This amid reports that October advertising revenue fell nearly 10%. Comparing circulation from Nov 2006 to Nov 2007 McClatchy has seen a 6% drop.
Ken Krause has a reminder that insider Anthony Ridder unloaded his McClatchy stock in November. (But Anthony Ridder only got $13.44 - $13.91 a share, so how smart can he be?) Editor and Publisher says McClatchy and some other underachievers are in a race to the bottom. The Meck Deck might be too generous with CEO Gary Pruitt:
Reading between the lines, you gotta figure that CEO Greg Pruitt only has a quarter or two left to show something positive before he gets shoved out the door. This cannot continue.
