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