Short Sellers Take Long Knives To Newspaper Stocks (MNI)(JRC)

Investing

Published: March 7, 2008 8:49 am

Short sellers went after newspaper chains with a vengeance based on data from the NYSE as of February 29. The coverage ratio for Journal Register (NYSE: JRC) hit 52 days. The stock trades at $.80 down from a 52-week high of $7.08.

At McClatchy (NYSE: MNI), the number of days to cover its short position based on average volume moved to 28 days. McClatchy trades at $9.07 down from a 52-week high of $35.97.

Both newspaper companies recently had negative changes in their debt by credit ratings agencies.

Douglas A. McIntyre

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