Tuesday, May 26, 2009

McClatchy (MNI) closes above $1 a share for the first time since January

On heavy volume, McClatchy (MNI) shares closed at $1.08 Tuesday, the first time MNI closed above $1 in 4 months. Fitz and Jen add this:

"... The huge volume suggests investors either really like its debt exchange offer -- or the large numbers of short-sellers have been panicked."

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13 comments:

Anonymous said...

I will admit I don't know everything about how the market works, but I think that either "reason" by Fritz & Jen is a sign the investors could be gaining confidence in the company.

Shorts being scared usually means that they realize that the stock price will not go lower (or be wiped out - best case scenario for them).

I am interested to see if it can maintain a $1 average for a month without the company really doing anything to "manipulate" the stock price.

~byon~

Anonymous said...

////I will admit I don't know everything about how the market works, but I think that either "reason" by Fritz & Jen is a sign the investors could be gaining confidence in the company.////

Yes, because nothing spells growing confidence in a company that its stock price going from squat to squat and a half.

Anonymous said...

"investors could be gaining confidence in [McClatchy]"

You ARE joking, correct?

-----------------------
thanks, byon
your employer and friend, GP

Anonymous said...

Byon, how much does McClatchy pay you to spread their propaganda here? Do they pay you with worthless McClatchy stock?

Anonymous said...

The thought that Mcclatchy is paying or asking employees to come to mcclachty watch to run it into the ground is a baseless claim and far fetched. There is too much risk in that for the company. If there was some conspiracy from Mcclatchy, i would guess that the company heads would do it themselves. It is all anonymous afterall.

No, I think folks just have a difference of opinion and can not except this simple fact.

Anonymous said...

****If there was some conspiracy from Mcclatchy, i would guess that the company heads would do it themselves. It is all anonymous afterall.****

They sure do that at the Gannet Blog. It wouldn't be a surprise thay McClatchy does it as well.

Either that or Byon is smoking some of Obama's crack.

Anonymous said...

Its sad to see that Gannett Blog comming to an end. I always liked the fact that the owner brought well written news to the table on occation. I never really felt the need to dig into all the posts for news or rumors because of that.

A lot of you surely disagree with me but i do not think there was a great conspiracy from Gannett to oust him. I believe there were some upset corperate folks that did attack him but no big conspiracy.

The problem is his blog created a home for disgruntled workers and they are ready to lash out at anyone or anything. He let out personally information and someone who disagreed with him used it against him. It was a very large mistake for someone running a blog. He himself has admitted that. Just look at a lot of post on this blog, both right and left, its damns scary what people write and you wonder, is this person just saying it for kicks or does this person really believe that.

Its up to the blogger to determine what kind of atmosphere he creats.

Now about the headline for this thread-

we back over a buck woot!~
I dont think we are safe but i think this is a good sign we are good for less cuts the remainder of the year, for us that are still employeed and need our jobs, its a good sign!!

P:

Anonymous said...

6:09 PM
And, Obama and Soros didn’t hire weasels to disrupt blogs critical of the Dopey One? The Gannett Blog was ruined by trolls, and they have come here to continue their sport. The one given at the GB was the little clowns that tried to be the first posters, and the stupidity of the first posts until Jim finally dealt with the creeps. Watch the first posts here for a few days, you will see them easily enough. Why would some of these creeps waste their time here? They have nothing to add but nonsense. So are they paid, or just creeps? Either way a loser is a loser.

Anonymous said...

Print newspapers will never be important again. How many years it takes to flush them away is not yet known, but the big flush is coming.

Anonymous said...

A lot of folks try to police the posts and in turn become part of the problem. Only Jim can control this blog and its his actions that will determine where this goes.

I have noticed a lot of the crap gone lately so i have high hopes that we can have decent discussions over the headlines instead of the crap we have seen in the past.

$1+!!! lol

P:

Dave D. said...

...Confederate war bonds will pay off before MNI makes any money.

Anonymous said...

"... The huge volume suggests investors either really like its debt exchange offer -- or the large numbers of short-sellers have been panicked."


With all due respect to fitz and jen, Short Sellers have been covering for almost a month now at every opportunity. Specialist firms have to eat these shares when there is nothing to match from the other side, so it takes a long time to unwind a large position. There is no panic, it is a planned action that is on going.

That said, the word I got today is that there is some shuffling of the Family Trustees and the class B shares that they hold to control the company.

It turns out that they are allowed to exchange these shares on a one for one basis at their discretion.

The latest attempt to coherence bondholders into folding for 20 cents on the dollar came with a catch that prevents the company from most other maneuvers to draw value from the company such as dividends going forward.

Since they can no longer draw value from Class B shares beyond what they need to control the company, they can now convert them to Class A shares, thus driving the price up.

The downside is, as the price rises, those caught holding shares can sell and recoup a part of the holdings that they would otherwise have lost.

The floor is still .50 cents and McClatchy remains in a technical default, negative outlook situation.

No one in their right mind is gaining confidence in MNI. Absolutely no one.

rduht said...
This comment has been removed by a blog administrator.