By: Mark Fitzgerald Stock in The McClatchy Co. dropped more than 7% on trading volume Monday that was more than seven times higher than normal.
There didn't appear to be any market-moving news to account for the volume of 4.48 million shares, or for the sharp sell-off. On Monday, The Charlotte (N.C.) Observer, a McClatchy-owned newspaper, said it was eliminating its circulation telemarketing efforts (resulting in the loss of 13 part-time jobs) and it would offer buyouts to an unspecified number of employees.
McClatchy Treasurer Elaine Lintecum said it was the company's policy not to comment on market activity.
McClatchy (NYSE: MNI) ended the day at $9.85, off 78 cents, or 7.34%. McClatchy has traded in a 52-week range of $7.93 to $30.57.
Seven of the 12 publicly traded newspaper companies E&P follows were losers on the day.
The biggest percentage loser was the lightest traded. American Community Newspapers (AMEX: ANE) was down 12.5%, off 6 cents from the open to 42 cents.
Lee, Media General, New York Times Co., E.W. Scripps Co., Journal Register Co. and Sun-Times Media Group were also down.
Gannett Co. Inc., A.H. Belo, The Washington Post Co., and GateHouse Media Inc. ended the day in the plus side.
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