By: Mark Fitzgerald
Shares in Lee Enterprises Inc. and Media General Inc. each fell more than 9% Monday, and The McClatchy Co. suffered the indignity of being kicked off an index of the 1,000 largest publicly traded companies.
Russell Investments said McClatchy was one of 13 “consumer discretionary” stocks that it was removing from the Russell 1000. Another 13 companies were added to the closely followed index. No particular explanation was given for the removal by the index, which changes composition once a year.
McClatchy (NYSE: MNI) ended the day in a new 52-week low of $6.78, down 41 cents, or 5.70%, from its open.
Lee (NYSE: LEE) fell 9.32% Monday, losing 41 cents a share and dropping to a new 52-week low of $3.99. It had traded in a range of $4.21 to $21.48. There was no readily apparent explanation for the sharp decrease.
Neither was there any publicly disclosed reason that Media General fell 9.26% in trading. It ended off $1.22 to establish a new 52-week low of $11.95. It had traded in a range of $12.01 to $34.62.
GateHouse Media Inc. and The Washington Post Co. were the only Big Board newspaper stocks to end the day on the plus side.