By: Mark Fitzgerald
Investors rushed to dump their holdings in Journal Register Co. Thursday as the stock dropped to just 3 cents a share as the close of trading approached.
Volume for the stock shot up more than nine times its normal trading, with nearly 3.6 million shares of Journal Register (Other OTC: JRCO.PK) changing hands during the session. The average daily volume for Journal Register over the last three months has been about 388,000.
The stock, which closed at a dime a share Wednesday, was down 6 cents, or 65%, with a minute left for trading. The price put the market capitalization for the publisher of The New Haven (Conn.) Register and 22 other dailies at $1.26 million — or far less than the price of almost new newspaper printing press.
Journal Register has said it is exploring strategic options including the sale of the entire company. Analysts have also speculated the options could include bankruptcy.