Friday, May 29, 2009

McClatchy shares drop 21% on Friday, company falls out of compliance with NYSE listing requirements

Looks like the harsh realities of the marketplace are bringing McClatchy's stock price back in line with its fundamental value. Fitz and Jen break down Friday's developments:
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.


.

5 comments:

Anonymous said...

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.

McClatchy Watch said...

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".

Anonymous said...

But the short interest information was. It was a compliment. Please take it that way.

McClatchy Watch said...

Got it, thanks.

Anonymous said...

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~