Friday, November 21, 2008

McClatchy in a 3-way race to reach $1 a share

Fitz and Jen:
Wall Street's last-minute rally Friday afternoon did little to lift the newspaper sector, where the big news was, what's happening to Media General (NYSE: MEG) stock -- and is Harbinger Capital Master Fund behind it?

MEG ended the day down a stunning 37.67%, dropping 87 cents to an all-time low $1.39. The drop adds MEG to Lee Enterprises (NYSE: LEE) and The McClatchy Co. (NYSE: MNI) in a race nobody wants to win -- first to reach $1 a share and, maybe, a one-way trip to Penny Stock Land.

McClatchy closed at $1.69 a share, up 10.4 percent from Thursday's close.

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