McClatchy to report 4th-quarter results on Wednesday... company has dropped 38 percent for the quarter, 71 percent for 2007

McClatchy Company is slated to report earnings for the fourth quarter on Wednesday. The report is expected to detail McClatchy's financial woes. Records show McClatchy's stock slipped 38 percent during the 4th quarter to end the year at $12.52, and was down 71 percent for 2007. Earlier this year, Wachovia lowered McClatchy's rating from "outperform" to "market perform." McClatchy is also facing steep revenue declines due to weak housing markets in Florida and California.