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Newspaper Stocks Continue to Freefall
On Friday, Reflections of a Newsosaur's Alan D. Mutter drew our attention to seven newspaper companies, including News Corp. and The New York Times, whose stocks reached new lows. (In part, he blames lots of short selling, an interesting argument.) So how are those stocks doing today?
In a word, poorly.
All but two (News Corp. and Lee Enterprises) sunk even lower at some point today. While most have recovered value, the outcome is bleak. Hardest hit were GateHouse Media (down to $1.11 from $1.55) and Media General (from $10.34 to $10.23). McClatchy fell to $4.815. That extra half cent strikes us as an unnecessary splitting of hairs.
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