This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.
Friday, November 7, 2008
Ruh roh!... McClatchy hits all time low
McClatchy hit an all-time low Friday, when MNI dipped to $1.95 a share. McClatchy has been publicly traded on the New York Stock Exchange since 1988. . Stay tuned for the next shoe to drop. . Hat tip: Fitz and Jen
4 comments:
Anonymous
said...
...Stocks be doin' dee McClatchy limbo...How low can dey go ?
When they drop the dividend, the stock will drop like a stone. Yet more evidence of Pruitt mismanagement. How long before the powers that be wake up and realize Pruitt has destroyed this company?
7:51 You should have said, "When they drop the dividend AGAIN, the stock will drop like a stone"
I don't believe that further cuts in the dividend will alter the decline that is already in progress. It is hard to top a 25 or 30% decline in a matter of a very few days. The only people that now benefit from dividends on this company are the one's that are driving it into the dirt. They are issuing themselves massive numbers of shares and financing it with layoffs. They will continue this behavior until such time that their creditors realize what it is they are doing and finally decide to liquidate the assets.
What Pruitt is doing is all pre-planned. He is not nearly as stupid as his journalists believe he is. Quite the contrary. It is they that do not understand his strategy.
Remember, you don't need a single qualification or an ounce of intelligence to be a Journalist, but a CFA or Business Admin needs a ton, and even then it is often not enough.
4 comments:
...Stocks be doin' dee McClatchy limbo...How low can dey go ?
When they drop the dividend, the stock will drop like a stone. Yet more evidence of Pruitt mismanagement. How long before the powers that be wake up and realize Pruitt has destroyed this company?
yes mr pruitt is bad and killer ceo and destroyed the newspaper business
7:51 You should have said, "When they drop the dividend AGAIN, the stock will drop like a stone"
I don't believe that further cuts in the dividend will alter the decline that is already in progress. It is hard to top a 25 or 30% decline in a matter of a very few days. The only people that now benefit from dividends on this company are the one's that are driving it into the dirt. They are issuing themselves massive numbers of shares and financing it with layoffs. They will continue this behavior until such time that their creditors realize what it is they are doing and finally decide to liquidate the assets.
What Pruitt is doing is all pre-planned. He is not nearly as stupid as his journalists believe he is. Quite the contrary. It is they that do not understand his strategy.
Remember, you don't need a single qualification or an ounce of intelligence to be a Journalist, but a CFA or Business Admin needs a ton, and even then it is often not enough.
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