Tuesday, November 18, 2008

McClatchy shares spike upward at the end of the day, close up 17 percent on the day

Here's your market update. McClatchy (MNI) shares were down most of the day, but spiked upward at the end of the day. MNI closed at $1.93, up 17 percent over yesterday's close. Details here.
Fitz and Jen report McClatchy, Lee, Gannett and Scripps did well, but the NYT and Media General were down.

1 comment:

Anonymous said...

Yeah, well what they didn't tell you was that it was another case of late day buy to cover. Buy on close posted another 30k of shorts covering their positions. Interestingly, on the 11th short interest dropped from 29 to 24%. Every spike you see from MNI over then next few weeks will be short covering.

It is not good news. No one wants to get caught holding at levels where one big sell can easily take it below a dollar, because they are stuck with market orders at that level. Two thirds of the days volume was traded in the last half hour of the day. That is just scary.