Newspaper Stocks Hit 10-Year Lows
Published September 15th, 2007
Shares of the New York Times Co and McClatchy both of which finished the week at their lowest levels since the Clinton administration.
“Investors are just dumping these stocks because they’re out of favor,” said Edward Atorino, a media analyst at Benchmark in New York.
Shares of Gannett fell 26 cents Friday to close at $44.74, their lowest finish since May 2, 1997, when they closed at a split-adjusted $43.88. The Times’ shares dropped 44 cents to finish at $19.80, their lowest close since Feb. 5, 1997, when they ended at a split-adjusted $19.50. McClatchy’s shares slipped 4 cents to close at $21.80, their lowest finish since Sept. 27, 1996, when they closed at a split-adjusted $21.50.
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