McClatchy (MNI) shares fell 10 percent Tuesday to close at 61 cents a share. Volume was light -- just 270,009 shares changed hands. Average volume is 458,000 shares. (Note: after closing the price was adjusted down to 59 cents a share... I don't understand adjustments that happen after closing; if anyone understands what that is about, leave info in comments.)
McClatchy (MNI) established a new all-time low of 55 cents a share during the day, the lowest MNI price since McClatchy hit the Big Board in 1988.
Looks like this prediction could easily happen.
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15 comments:
This is all part of a plan. When the stock was at $70 a share only the filthy rich could afford to buy it. Now the stock is priced so that the less fortunate, women and children, the unemployed, the mildly disgruntled and even the fully gruntled can afford to buy a piece of corporate America. This is all about equality and fairness.
MNI is cheaper than a pack of gum. Even cheaper than buying today's Kansas City Star at a newsstand.
I am planning a trip to Alaska and want it to coincide with the Anchorage Daily News going out of business. Think one petite, smoking hot brunette governor will be happy when that happens? You betcha!
2:33 PM .55 down .13 @ -19.12%
LOL
$70 or .70 cents, as MNI might say...but it's still 70 (smile)
@Fitz & Jen
After The Bell Monday: Where’d Everybody Go?
Fitz: Last week, Wall Street couldn’t trade the newspaper sector fast enough. First it sold off Gannett Co. (NYSE: GCI) furiously with double and even triple ordinary volumes, and then it started in on The McClatchy Co. (NYSE: MNI) pumping the volume way up.
So what happened Monday? Suddenly the sector couldn’t draw flies.
Kinsley: Two bucks per reader per month isn't going to save newspapers
New York Times | Reflections of a Newsosaur
Michael Kinsley joins the micropayments discussion, and recalls when Slate editors "were quite self-righteous about the alleged principle that 'content' should not be free." The experiment to charge readers lasted about a year, he points out. || Related from Alan Mutter.
Only about 270,000 shares of McClatchy were traded tuesday, a little more than half of the stock’s 501,000 volume.
And, means anything?
MarketWatch is .59 After Hours
Open Market Cap. 56.14M
Closed Market Cap. 58.71M
Sorry Correction Closed 48.71M
Read the SEC filings today that McClatchy did.
The closing price was .59. Not really a big deal...until you realize that one penny represents a 2% move in MNI stock....hehe
We have reached the point where you can buy stock now and if it skyrockets to $1.20, you will have doubled your money.
Folks, when a buck twenty looks good, you are screwed.
In most companies, the email a certain executive editor sent out would be more than enough to get him fired. How many newsroom jobs would his salary save? Would he still get his pension? Or is this re-arranging the deck chairs?
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