Magazine article Editor & Publisher

Blood on 'The Street': McClatchy Hits All-Time Low as Gannett, Others Scrape 52-Week Bottom

Magazine article Editor & Publisher

Blood on 'The Street': McClatchy Hits All-Time Low as Gannett, Others Scrape 52-Week Bottom

Article excerpt

Wall Street beat up The McClatchy Co. Wednesday, reacting to its first-quarter tumble in revenue by bidding its stock down to an all-time low.

McClatchy (NYSE: MNI) ended 4 p.m. EDT trading at $8.30, off 57 cents, or 6.93%. It had traded in a 52-week range of $8.32 to $39.32.

Before markets opened, McClatchy reported a narrow loss of $993,000, or 1 cent per share, on revenue that fell 13.8%. Ad revenue was down 15.3% on results that included a 35.8% plunge in real estate classified and a 33.4% tumble in help-wanted classified.

On a day in which the Dow Jones Industrial Average ended up 42.99 points, investors were not in much of a mood to buy newspaper stocks. Three companies hit new 52-week lows, and Lee Enterprises (NYSE: LEE) closed at its previous 52-week bottom of $7.26, ending the day off 23 cents, or 2. …

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