Just 95,882 shares of The McClatchy Co. traded Tuesday. Over the past three months, trading in MNI has averaged 690,905 a session.Other newspaper stocks had low volume yesterday, too. As of 10:15 EST today, just 8,100 shares have traded.
UPDATE: Just 80,000 shares at 12:45 EST. BTW, a reader says the short sellers are still active:
Actually there are some buying as just over 1 million short shares covered this past month. Short interest is now 14,133,268 with 38 days to cover and average volume of 370,294. Of course this isn't good news as recovered shares are being sold at first opportunity after bounces off the .50 cent wall..
As soon as those hands are shaken out, it's good nite Irene.
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15 comments:
It is simple...it will likely remain this way until the end of the 2nd quarter to see if things have turned around.
Apathy
All the MNI insiders have made their moves.......
I unloaded what little I had yesterday. Figured I'd find a Profitable penny stock to get in to instead.
All the signs seem to be pointing to bankruptcy protection mid-year, so I figured I better cash out while there's something still to get.
Actually there are some buying as just over 1 million short shares covered this past month. Short interest is now 14,133,268 with 38 days to cover and average volume of 370,294. Of course this isn't good news as recovered shares are being sold at first opportunity after bounces off the .50 cent wall.
As soon as those hands are shaken out, it's good nite Irene.
There are large fund investors that still hold millions of MNI shares. I don’t get that, unless it is just too late to sell. While looking at the large funds I saw how the site estimated the worth of the holding. I also question why the date of purchase figures into the value?
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Example:
Chou Associates Fund
Shares = 2.85 M
Estimated value * = 19.33 M
* Value of shares is estimated based on the closing price of the month in which the shares were purchased.
http://finance.aol.com/company/the-mcclatchy-company/mni/nys/institutional-ownership
8:44 -- Thanks for the Good Night Irene reference. Here is Willie Nelson singing Good Night Irene.
Francis Chou said as much as he got caught with his pants down and pretty much admitted that it was too late to get out. As I recall he dressed it as, "Letting the Zombie restructure and hope it comes back"
Meanwhile, nothing like being able to influence a little Socialist doctrine, if not barking orders directly from China via Canada.
I also question why the date of purchase figures into the value?
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Because that is what they are on the hook for. Until they sell they are still "worth" what you paid for them.
Just think of it in reverse. Say they bought them at $1 a share and the stock was worth $5. It would still show up as $1 share until they sold, then they would have a profit and they would no longer be listed.
It also helps you to determine who bought when. I.e. Barclays bought around $.80 a share.
"Meanwhile, nothing like being able to influence a little Socialist doctrine, if not barking orders directly from China via Canada".
Obvioulsy sent by another miserable former newspaper hack who's self worth continues to dwindle as others continue to make the best of a bad situation.
It must be very sad to get up every day feeling miserable blamind your ills on everyone but the person you see in the mirror.
Tiller boy says MNI is in GREAT shape!
The market says Chapter 11
Who do you belive, the capitalists, or a lying Marxist?
9:41 AM, Good comment-
Here is one list of large holders. Do you have other good ‘caught with their pants down’ stories, like Chou, who admitted his shortsightedness?
Chou Associates Fund 2.85 M
Bestinfond FI 3.95 M
Bestinver Internacional FI 3.64 M
Ariel Fund 6.9 M
Soixa SICAV 934,672
11:35 AM Your list appears to be only the mutual fund holdings of these companies. Ariel for instance holds in excess of 20m shares total. Of all the institutions holding shares they are the possible exception to getting caught with their pants down.
In their case, there is some speculation that they just had a bad plan to get their hands on the company for the purpose of control. A plan just as bad as the others, but far, far more costly.
Chou I have no doubt was the exception to the rule. In all likelihood he admitted that he got caught off guard simply because he can't be ousted. You'll find huge numbers of Chinese headed companies, funds, and groups that are treated as corporations but actually property of the Chinese Government....Sort of like GM has become Democrat Motors featuring Chairman Zero.
"Sort of like GM has become Democrat Motors featuring Chairman Zero."
Now that is clever, very clever!
Francis Chou is not Chinese. Looks can be deceiving. This is similar to calling a Bat a Bird because it has wings.
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