This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.
Wednesday, July 22, 2009
McClatchy stock rises 36% Wednesday on huge volume
McClatchy (MNI) shares closed at $1.01 Wednesday, up 36% on the day. Volume was an astonishing 7.91 million shares -- 7 times the normal volume. . . .
At the end of June it was like 16%. I would imagine it to be non-existant now as people that were short likely sold, and I thought I read that most trading companies do not let you short under a certain level.
Actually by the end of June the short interest increased by about 700k shares bringing it up to just under 8 million shares total.
Most brokerages don't keep shares of penny stocks on hand for shorting because once you do the math on the transaction it isn't profitable, so if you do want them, you have to pay a severe price per share to borrow them. They actually have to purchase the shares in order to loan them to you at that level so once you buy it back, they're stuck with a loser stock.
There are ways around it for large lots if you know the right people and have connections to institutional holders like pension funds or Mutual Funds willing to loan.
Numbers should be out this week for period ending on the 15th. The period after this will show the big dump from yesterday and today.
Actually it went to the $1.20 mark about noon eastern, and then slowly ticked down from there.
http://www.google.com/finance?q=NYSE:MNI
I wonder if the stock will bump up again when Lee reports on the 30th, or if after Media's report today another publisher posting a profit (if they do) has already been priced in.
I wonder if the stock will bump up again when Lee reports on the 30th, or if after Media's report today another publisher posting a profit (if they do) has already been priced in.
Doubt it. The last run like this they unloaded 7 million short interest. This isn't a good news bump. It is a short seller covering.
After hours activity is wannbe traders playing tycoon. 38,000 shares @ between .96 and 1.09. Almost all are 100 or 200 share trades. The pink slip penny brokers are making bank. LOL
target price for this stock is $2.15 within the next twelve months. I hope those with brains loaded up when I called for the earnings surprise on July 1 at 50 cents per share.
I was called a pumper and fanboy at the time. The short term bankruptcy issue is off the table, so look for continued moves up. Not a pumper, not a fanboy, just someone who understands the market better than most.
Jay, you didn't call anything. Lots of people long before you said a word opined that they would announce good news while disclosing bad as the conference call was listen only.
The 12 month target price for MNI is not 2.15 anywhere but in your own inflated head.
You were wrong the last time you tried pumping the stock and you're wrong now, but, it is your 100 shares.
Please go toot your trumpet on a stock scam board.
P.S. Congratulations on getting your dad to sign off on your brokerage account.
8 comments:
Can't wait till short interest comes out.
At the end of June it was like 16%. I would imagine it to be non-existant now as people that were short likely sold, and I thought I read that most trading companies do not let you short under a certain level.
Does the numbers come out this week, or later?
Actually by the end of June the short interest increased by about 700k shares bringing it up to just under 8 million shares total.
Most brokerages don't keep shares of penny stocks on hand for shorting because once you do the math on the transaction it isn't profitable, so if you do want them, you have to pay a severe price per share to borrow them. They actually have to purchase the shares in order to loan them to you at that level so once you buy it back, they're stuck with a loser stock.
There are ways around it for large lots if you know the right people and have connections to institutional holders like pension funds or Mutual Funds willing to loan.
Numbers should be out this week for period ending on the 15th. The period after this will show the big dump from yesterday and today.
It must have dropped quite a bit at closing. At one point it was at or near $1.20 a share.
Actually it went to the $1.20 mark about noon eastern, and then slowly ticked down from there.
http://www.google.com/finance?q=NYSE:MNI
I wonder if the stock will bump up again when Lee reports on the 30th, or if after Media's report today another publisher posting a profit (if they do) has already been priced in.
I wonder if the stock will bump up again when Lee reports on the 30th, or if after Media's report today another publisher posting a profit (if they do) has already been priced in.
Doubt it. The last run like this they unloaded 7 million short interest. This isn't a good news bump. It is a short seller covering.
After hours activity is wannbe traders playing tycoon. 38,000 shares @ between .96 and 1.09. Almost all are 100 or 200 share trades. The pink slip penny brokers are making bank. LOL
target price for this stock is $2.15 within the next twelve months. I hope those with brains loaded up when I called for the earnings surprise on July 1 at 50 cents per share.
I was called a pumper and fanboy at the time. The short term bankruptcy issue is off the table, so look for continued moves up.
Not a pumper, not a fanboy, just someone who understands the market better than most.
Jay F.
Jay F.,
Jay, you didn't call anything. Lots of people long before you said a word opined that they would announce good news while disclosing bad as the conference call was listen only.
The 12 month target price for MNI is not 2.15 anywhere but in your own inflated head.
You were wrong the last time you tried pumping the stock and you're wrong now, but, it is your 100 shares.
Please go toot your trumpet on a stock scam board.
P.S. Congratulations on getting your dad to sign off on your brokerage account.
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