Magazine article Editor & Publisher

Newspaper Stocks Bounce Back Big

Magazine article Editor & Publisher

Newspaper Stocks Bounce Back Big

Article excerpt

A day after Wall Street beat down newspaper stocks -- sinking several to yearly bottoms, and The McClatchy Co. to an all-time low -- the sector rebounded sharply Thursday.

McClatchy (NYSE: MNI) was the biggest gainer on the day, closing at $9.48, up $1.18 (or 14.22%). On Wednesday, investors bid McClatchy down to a historic low of $8.32 after the publisher of The Miami Herald and The Sacramento Bee reported its first-quarter revenue tumbled 13.8% on poor advertising performance, including a 35% plunge in real estate classified.

McClatchy stock is down about 90% from its high, and some financial blogs have been talking it up as a bargain with a big upside.

Traders were also feeling better about the national credit crunch Thursday, with financial stocks jumping, and a strong dollar pushing down such commodities as oil. Some newspaper companies are highly leveraged, and the prospect of cheaper credit returning makes their stock more attractive. …

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