By: Mark Fitzgerald
As the Dow sank below 10,000, the newspaper sector took some final deep cuts Friday in a holiday-shortened trading week that left most stocks down by double-digit percentages.
On Friday, The McClatchy Co. (MNI) swooned 9.2% on a 41-cent drop to $4.07 a share. In the week, MNI lost 14.5% of its value.
Media General (MEG) was also a big loser on the day and week. Friday it fell $1.00, or 8.7%, from its open to $10.52. MEG is down 16.4% on the week. The smaller hits are adding up for Lee Enterprises (LEE), which was off 19 cents, or 6.2%, to $2.86. LEE fell 15.9% during the four post-Memorial Day session. LEE is well off its 52-week high of $4.77 a share.
The sector most-watched leader, Gannett Co. (GCI) was down 7.5% on the day and 10.2% on the week. GCI closed Friday at $13.73, off $1.12 or 7.5% from its open.