Thursday, November 20, 2008

New NYSE Rule Could Ease Delisting Pressure On Lee, McClatchy

So far this year, three publicly traded newspaper companies have been bounced from the New York Stock Exchange, and they all began their exit the same way -- getting barred from floor trading after their share price closed below $1.05 and didn't immediately rebound. Even though the stock continued to trade on NYSE's Arca electronic trading platform, being off the floor of the Big Board seemed to send the stocks into a spiral they could not escape.

This didn't just happen to newspaper stocks -- or the NYSE might not have made a change this week that could help other chains with collapsed share prices, such as Lee Enterprises Inc. and The McClarchy Co.

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