The McClatchy Co. (NYSE: MNI) was frog-marched back into penny stock territory. On trading about double the normal volume, MNI closed down 23 cents, or 21.5%, at 86 cents. Not only did it fail to hold its above-dollar value, MNI’s market cap fell out of Big Board compliance, again, as it shrank to $70.6 million.
Short-sellers could account for the volume. According to ShortSqueeze.com, so-called “short interest” in MNI -- the amount of stock held by short-sellers hoping to profit from a fall in share price -- has itself fallen 21% to 7 million shares. That’s still a hefty 21.12% of MNI’s float.
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5 comments:
You know, that is very cool of you to plug these other sites when the very information that they are posting was already posted on your own blog directly from the source early this morning.
You're alright McClatchy Watch.
I have no idea what you are talking about -- the quote from Fitz and Jen I posted notes the closing stock price and the latest market cap figure-- this info wasn't available "early this morning".
But the short interest information was. It was a compliment. Please take it that way.
Got it, thanks.
They have been out of compliance for months now...so this is not a new statement.
Just because they hit $1+ for a few days does not get them back into compliance. They have to be there for a 30 day average.
~byon~
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