Monday, July 14, 2008

MNI Shares continue to circle the drain

Once again shares of Herald parent, McClatchy, dropped during trading. Today the price closed below $5.00 for the first time ending the day at $4.93 after hitting ANOTHER 52-week low of $4.82.

The street continues to be unimpressed with the company's cost cutting moves.

Last week Standard & Poor's reduced MNI's corporate credit rating from BB- to B+ with a 'negative outlook' and:

It also cut its rating on the senior unsecured debt that Sacramento-based McClatchy assumed when it acquired Knight-Ridder Inc. in 2006, from B to B-minus, and kept unchanged its assessment that creditors holding that debt are unlikely to recover more than 10 percent if there is a payment default.

No comments: