Tuesday, November 25, 2008

McClatchy shares down 4.4 percent -- update: McClatchy dropped from naked short list

McClatchy (MNI) shares are down 4.4 percent as of 2:40 EST. The Dow down less than 1 percent. I'll keep updating for you, so stay tuned.
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Update: McClatchy dropped from naked short list

Hat tip: comments
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4 comments:

Anonymous said...

Anybody know what it means to be removed from the "naked short list". They just did that for McClatchy.

Is that good or bad?

Archer05 said...

I actually ignore the McClatchy stock reports as best I can , but I did notice a little blurb that caught my attention.

“MNI downgraded stock still considered underweight, and a strong sell.”

English please: "When a stockbroker uses the word underweight" to describe a stock, he is actually saying that in his opinion that stock is inferior to and a poorer performer in relation to similar investments in the same sector." Was this a recent change? NO

January 18 2007 Prudential Financial analysts downgraded shares of The McClatchy Co. to "underweight" from neutral….

On 9/2/07 see who dumped their McClatchy stock while it still had worth, and telling the rank and file this is just a little bump in the road. Gary Pruitt 40,000 shares!

http://www.gurufocus.com/StockBuy.php?symbol=MNI

Anonymous said...

The naked short list is a list of specifically protected stocks that lenders must verifiability have every share they loan short, on hand.

To be removed from the list removes that protection, so short sellers can borrow shares without the lender actually having them on hand to loan out. In this scenario the lending agent may have 10,000 shares, but he could loan that same 10,000 shares to any number of short sellers all of which might want to short 10,000 each.

If your stock is selling in the area of 1.75 it ain't good because to short a company stock you literally borrow it, then sell it. If a large number of people want to short a low volume, cheap stock, it doesn't take much to take it way down fast.

Credman said...

Lee Enterprises seems to have a lock on the race for the sub-$1.00 crown. It's hit $1.00 already today and is currently at $1.02. It'll be down there with Gatehouse in no time at all.