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.
Saturday, November 15, 2008
McClatchy execs in meetings this coming week?
A commenter has heard about a mid week off site meeting at the Fort Worth Star-Telegram to plan out staff reductions for late this year. Have you heard about similar meetings at other papers? Leave info in comments. .
That is possible. A price target of zero is like the kiss of death. If the market is down Monday, William McClatchy will not be able to use his ETF zone to counter the bad news or prop up the declining shares.
9:09 Are you kidding? People have been buying the stock all along? My friend, a declining price is representative of more people selling shares than are buying. Do yourself a huge favor. Put your money in CD's.
Is there anyone who spends much time at a McClatchy paper or knows smart people at an MNI paper who hasn't heard more layoffs are coming?
Follow-up question: Is there anyone who's kept up with the company's follies, falsehoods and monumental financial misjudgements who doubts many more layoffs are coming?
Thanks are due this blog for bringing us more truth about MNI's real situation than at least my McClatchy paper, the Raleigh News & Observer, has.
Even if you work at the KC Star you can't even find out who they terminated except the ones in the newsroom. They are so ashamed they don't even tell you who is gone. You only find out when you call their extension.
Well we have heard after this latest round of layoffs about two weeks later the KC Star will off another "voluntary transition opportunity," almost like the one they did last nov 2007.
We had heard the number of employees the Star wanted was closer to 100. It stand to reason if 50 were mentioned this past week, another 50 may be need before the end of the year in their "voluntary transition opportunity," program. Also 11 employees will find out who's jobs will be taken over by Infosys in the finance department next week.
Yes, I think MNI will be driven below $1 Monday. It is hopeless. Once the banks take over, the real squeeze begins because they won't approve any expenses. It would help if Pruitt and his stable of $500,000 vice presidents quit or were fired. Where is the family, which stands to lose everything in this situation?
I'll tell you where the family is. Half of them are sitting on the board of directors issuing themselves massive stock options and collecting dividends of 23% for as long as they possibly can until the bankers catch on.
If you go back to their very first round of "cost saving" layoffs, you will see that only a few days prior they issued 68 million dollars worth of new shares for the expressed purpose of covering stock options in their SEC filing. The savings that they announced off the layoffs was 70 million dollars. They are intentionally diluting the shares and converting it into cash before their creditors catch on. The McClatchy's are not nearly as stupid as people think. To the contrary, they know that they are going to lose their brick and mortar holdings, but they hope to hang onto their brands and operate on the cheap... online. Their only real business is editorial opinion and influence peddling. That is it.
Yes, I think MNI will be driven below $1 Monday. It is hopeless --------------------------------
You will see a large amount of short covering at $1.00. That will effectively prevent it from closing at that level for some time.
Either that or the price will dive to near zero simply because below $1.00, as of monday limit orders will no longer be accepted. Every share traded on the company must be Market order only.
If the company is trading an average of 300,000 shares per day, in theory as single 100k trade in either direction can have an incredible effect in either direction. If it happens to be short covering, the stock will rise dramatically, leaving unknowing would be investors to believe the stock is on a roll when the opposite is true. This is why Pros seldom ever deal in stocks under 5.00 and under 1.00 is just foolish.
Word on the street in Fort Worth is there is an off sight meeting planned for mid week to plan out for staff reductions for late this year.
*************************************
It looks like Fort Worth is doing the same thing the Star did for this current round of layoffs. Give the problems of the California & Flordia papers and their low profit margins, it makes sens for have you two papers making themost money in profit margins (Forth Worth & Kansas City) contribute to the lions share of the cost reductions.
Would not be surprised to find out Fort Worth turned in their budget for 2009 and was told to find additional money to cut out of the budget.
Given the end result of the Kansas City layoff in their news room and the investigation of selling and leasing their new press plant. i would not be suprised to see the reductions in Forth Worth to rival Kansas City.
Also its seems any McClatchy paper that still does their delivery of papers using their own trucking staff, will also end up doing what the OLympia & The News & Observer of Raleigh did with their delivery contracts
Word in the sports department has been that the Star-Telegram will be combining some resources with the Dallas Morning News. It happens a little already with high school football coverage, but how much further can that go before people start losing jobs?
In Fort Worth, we were told late last week that concert & restaurant reviews are being shared as of this weekend. They told us about it with the usual upper management spin that this is good for the paper and will save jobs. The only good part - freelancers write that stuff anyway, so maybe it might not be a big deal now and save my job! But more sharing is sure to come along soon.
Word out of the sports reporter is the Cowboys coverage will be shared starting next year. Can you say the "DALLAS MORNING NEWS/Fort Worth Edition". No word of our metro stuff being shared - yet - so I keep my job at least for another few months????
Star-Telegram lead photo from Cowboy game is a special credit. Not sure of the photographer, but since they (Fort Worth) did send two photographers to the game, I assume that is a DMN photo on page 1A and spread all over the sports section. Only a matter of time until it hits us on the word side. Time to get out for sure!
20 comments:
Anybody think MNI will drop below $1 a share Monday?
I don't so. People have been buying stock all along and why would they with all the bad press? I wouldn't be surprised if it went up.
The key word in the header is "could" be
That is possible. A price target of zero is like the kiss of death. If the market is down Monday, William McClatchy will not be able to use his ETF zone to counter the bad news or prop up the declining shares.
9:09 Are you kidding? People have been buying the stock all along? My friend, a declining price is representative of more people selling shares than are buying. Do yourself a huge favor. Put your money in CD's.
!2"09 Thanks
I'd like to modify your question and add a few -
Is there anyone who spends much time at a McClatchy paper or knows smart people at an MNI paper who hasn't heard more layoffs are coming?
Follow-up question: Is there anyone who's kept up with the company's follies, falsehoods and monumental financial misjudgements who doubts many more layoffs are coming?
Thanks are due this blog for bringing us more truth about MNI's real situation than at least my McClatchy paper, the Raleigh News & Observer, has.
John in Carolina
Are there any papers honest with their employees?
Even if you work at the KC Star you can't even find out who they terminated except the ones in the newsroom. They are so ashamed they don't even tell you who is gone. You only find out when you call their extension.
Another thank you McClatchy Watch
Right at Christmas time how crude. This seems to be the "McClatchy Way" I guess this is the Blue Print For Success they have post on their web site.
Well we have heard after this latest round of layoffs about two weeks later the KC Star will off another "voluntary transition opportunity," almost like the one they did last nov 2007.
We had heard the number of employees the Star wanted was closer to 100. It stand to reason if 50 were mentioned this past week, another 50 may be need before the end of the year in their "voluntary transition opportunity," program. Also 11 employees will find out who's jobs will be taken over by Infosys in the finance department next week.
here's a link to that story from last Nov 2007:
http://www.reuters.com/article/industryNews/idUSN2863577720071128
Yes, I think MNI will be driven below $1 Monday. It is hopeless. Once the banks take over, the real squeeze begins because they won't approve any expenses. It would help if Pruitt and his stable of $500,000 vice presidents quit or were fired. Where is the family, which stands to lose everything in this situation?
I'll tell you where the family is. Half of them are sitting on the board of directors issuing themselves massive stock options and collecting dividends of 23% for as long as they possibly can until the bankers catch on.
If you go back to their very first round of "cost saving" layoffs, you will see that only a few days prior they issued 68 million dollars worth of new shares for the expressed purpose of covering stock options in their SEC filing. The savings that they announced off the layoffs was 70 million dollars. They are intentionally diluting the shares and converting it into cash before their creditors catch on. The McClatchy's are not nearly as stupid as people think. To the contrary, they know that they are going to lose their brick and mortar holdings, but they hope to hang onto their brands and operate on the cheap... online.
Their only real business is editorial opinion and influence peddling. That is it.
Yes, I think MNI will be driven below $1 Monday. It is hopeless
--------------------------------
You will see a large amount of short covering at $1.00. That will effectively prevent it from closing at that level for some time.
Either that or the price will dive to near zero simply because below $1.00, as of monday limit orders will no longer be accepted. Every share traded on the company must be Market order only.
If the company is trading an average of 300,000 shares per day, in theory as single 100k trade in either direction can have an incredible effect in either direction. If it happens to be short covering, the stock will rise dramatically, leaving unknowing would be investors to believe the stock is on a roll when the opposite is true. This is why Pros seldom ever deal in stocks under 5.00 and under 1.00 is just foolish.
Anonymous said...
Word on the street in Fort Worth is there is an off sight meeting planned for mid week to plan out for staff reductions for late this year.
*************************************
It looks like Fort Worth is doing the same thing the Star did for this current round of layoffs. Give the problems of the California & Flordia papers and their low profit margins, it makes sens for have you two papers making themost money in profit margins (Forth Worth & Kansas City) contribute to the lions share of the cost reductions.
Would not be surprised to find out Fort Worth turned in their budget for 2009 and was told to find additional money to cut out of the budget.
Given the end result of the Kansas City layoff in their news room and the investigation of selling and leasing their new press plant. i would not be suprised to see the reductions in Forth Worth to rival Kansas City.
Also its seems any McClatchy paper that still does their delivery of papers using their own trucking staff, will also end up doing what the OLympia & The News & Observer of Raleigh did with their delivery contracts
KC Star do not deliver their own papers. Independant contractors do. They got rid of them a couple of years ago. The delivery stinks!
Do you really want to call these folks "execs"? I have a better name for them __________. I' m sure all of you have the name.
Word in the sports department has been that the Star-Telegram will be combining some resources with the Dallas Morning News. It happens a little already with high school football coverage, but how much further can that go before people start losing jobs?
If they're smart they will start yelling, "anti-trust! anti-trust!"
In Fort Worth, we were told late last week that concert & restaurant reviews are being shared as of this weekend. They told us about it with the usual upper management spin that this is good for the paper and will save jobs. The only good part - freelancers write that stuff anyway, so maybe it might not be a big deal now and save my job! But more sharing is sure to come along soon.
Word out of the sports reporter is the Cowboys coverage will be shared starting next year. Can you say the "DALLAS MORNING NEWS/Fort Worth Edition". No word of our metro stuff being shared - yet - so I keep my job at least for another few months????
Anonymous 2:48 PM - Star-Telegram/Morning news sharing Cowboys coverage? Yep, I think it's about time to get out of here.
Star-Telegram lead photo from Cowboy game is a special credit. Not sure of the photographer, but since they (Fort Worth) did send two photographers to the game, I assume that is a DMN photo on page 1A and spread all over the sports section. Only a matter of time until it hits us on the word side. Time to get out for sure!
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