Friday, December 19, 2008

McClatchy Stock Plunges 30 Percent For All-Time Low

The McClatchy (NYSE: MNI) Company’s stock ended down again on Thursday, finishing at $1.05. That’s a 30 percent decline and a new low for the newspaper publisher’s share price, coming just days after Monday’s announcement that November total revenues fell 19.4 percent—with ad revenues plummeting 22.4 percent. Except for online ad dollars’ 10.6 percent rise, last month was even more dismal than usual. For example, McClatchy’s help-wanted ads cratered, dropping 51.8 percent, and real estate dropped 40.1 percent.

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