7 newspaper stocks hit record lows in 1 day
McClatchy (MNI), Lee Enterprises (LEE), and GateHouse Media (GHS) hit all-time lows when their shares skidded respectively to $4.85, $3.11 and $1.55 in the opening hours of trading on the New York Stock Exchange.
Also hitting new lows today were:
:: Gannett (GCI) at $17.42, the lowest point since 1990.
:: Media General (MEG) at $10.34, the lowest point since 1994.
:: New York Times Co. (NYT) at $13.03, the lowest point since 1996.
:: News Corp. (NWS) at $14.20, the lowest point in 52 weeks.
After scraping the bottom early in the day, the newspaper issues recovered by the end of trading to close at something higher than their record morning lows.
However, the group has lost $3 billion of value since the first of this month (not counting the $6.3 billion reduction in the value of Scripps [SSP] occasioned by its spinoff on July 1 as a standalone newspaper company).
The biggest losers on a percentage basis since the first of this month were GateHouse, whose shares fell 55.7%, and McClatchy, whose stock slid 33.2%. Double-digit drops were suffered in the period by Gannett, Journal Register (JRCO), Lee, Media General, New York Times and Sun-Times Media (SUTM).