Not sure what short sellers are? F&J explain:
Short sellers, of course, borrow shares and sell them, hoping the share price goes down so that when they buy shares to return them they can pocket the difference.
Here are the short interest (percentage of shares in trade held by short sellers) in newspaper stocks:
- MNI: 27.23%
- GCI: 26.6%
- Media General Inc. (NYSE: MEG): 24.8%
- Lee Enterprises (NYSE: LEE): 21.13%
- The New York Times Co. (NYSE: NYT): 18.07%
- E.W. Scripps (NSYE: SSP): 10.29%
- The Washington Post Co. (NYSE: WPO): 3.43%
- Journal Communications (NYSE: JRN): 3.29%
- A.H. Belo (NYSE: AHC): 2.55%
UPDATE: A reader says MNI's bottom could fall soon because the short sellers are starting to cash out:
"... now the short sellers are cashing out as they find no value going forward. When the short sellers bail there will be nothing left to lift the stock and the march to zero will begin in earnest."