Thursday, January 15, 2009

McClatchy shares fall under $1

McClatchy (MNI) fell under $1 a share Thursday, dropping 15% to close at 94 cents a share. For comparison, the DOW was unchanged.


lexington hl said...

what a shock. gary pruitt is driving the company into the ground and all those poor employees are going to suffer because of his ego.

Anonymous said...

Wonder how much of that has to do with the Star-Telegram/Morning News near merger?

Dave D. said...

...They is on the slick, greased track outa here...having missed their last, best chance to avoid oblivion. The end is nigh.

Anonymous said...

Every other newspaper company stock was down also. The next six months are key for not only newspapers but many other companies. You're like to see a number of retail companies going down and at least one auto comapny. The companies that survive the next six months are likely to make it to 2010 when the economy begins to turn. That's why Gannett imposed the mandated one week furlough for every employee. They're trying to buy time.

Anonymous said...

Swimming with sharks. ^ ^ ^

Stockholder: Pru, how will we increase our bottom line?

Pru: In the face of this economic downturn caused by dwindling ads, we will raise prices to advertisers, yes, that’s the ticket.
Stockholder: But Pru, the paper is a faction of the size it once was.

Pru: Put a sock in your pie hole, maybe they won’t notice.
Stockholder: But Pru, the news is heard on the radio or read online before readers pick up their daily paper.

Pru: Idgas, my hand is on the tiller.
I am the captain of this
Leaky Boat
^ ^ ^
Stockholder: Pru, Pru, where are you?

Pru: Not in the same boat as you, poor fool. Sink or swim.

Anonymous said...

Pru: Stockholder you don't get the news on radio before the paper comes out because reading the news in the paper or on the paper's website is the only place radio can get its local news.Radio stations don't have local news reporters they've laid them all off because they've been hit harder by the economy than anybody just ask Clear Channel.

Anonymous said...

Actually, the news I heard on the radio this morning, said Fox News. I think the headline stories might come from their Fox News TV Channel. Usually, the radio news at the top of the hour was ABC. I liked the Fox News better. Perhaps the radio news is coming from the Fox News online news site. Online aggregates of news blogs is the future IMO. I like to pick the subject and the writer.

Anonymous said...

Wonder how much of that has to do with the Star-Telegram/Morning News near merger?

None. Remember from a share holder perspective, good news and bad are polar opposites of what they are for employees, and sometimes customers. Cutting costs, thus raising gross via shared content, layoffs, pay cuts etc are considered good news to the potential investor.

This is simply a matter of two or three sellers for every buyer in play. When the prices drops sufficiently, (probably around .40 cents) a new rush to cover will commence for the short sellers causing yet another spike, followed by a drop to the new low of what will probably be the .20 to .30 cent range.

Anonymous said...

...on the brighter side if you happen to be our resident leftist McClatchy troll, you can always try and brag about the fact that "Year to Date" MNI is EVEN! Bwhahahhahha!