McClatchy dumped by Russell 1000 index

Sacramento Business Journal:

Shares of The McClatchy Co. dropped more than 3 percent in midday trading Monday, after the newspaper publisher was removed from the Russell 1000, a closely watched index.

The Sacramento-based company has been battling declining advertising revenue and fewer readers for the past few months. The drop in earnings and revenue prompted 10 percent across-the-board layoffs at its 30 daily newspapers, including The Sacramento Bee.

Russell removed 13 companies, including McClatchy (NYSE: MNI) from the Russell 1000, while adding 13 others.