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


Dave D. said...

...Stocks be doin' dee McClatchy limbo...How low can dey go ?

Anonymous said...

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?

nick said...

yes mr pruitt is bad and killer ceo and destroyed the newspaper business

Anonymous said...

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.