Newspaper Shares Mixed in Nervous Day on The Street

Posted Tuesday, September 16, 2008 12:00 am

By: Shares in newspaper companies were mixed Tuesday as the Federal Reserve kept a key interest rate unchanged despite acknowledging increased strains in financial markets.

The central bank said Tuesday it was keeping its target for the federal funds rate, the interest that banks charge on overnight loans, unchanged at 2 percent. The Fed last lowered that rate on April 30 by one quarter of a percentage point.

Shares in Gannett Co. (nyse: GCI - news - people ), the nation's largest newspaper company, fell 16 cents, or 1 percent, to $16.16 in mid-afternoon trading.

Media General (nyse: MEG - news - people ) Inc. fell 53 cents, or 6.3 percent, to $8.01.

The E.W. Scripps Co. (nyse: SSP - news - people ) fell 15 cents, or 2.1 percent, to $6.86.

Some stocks gained in trading:

The McClatchy Co. (nyse: MNI - news - people ) rose 7 cents, or 2 percent, to $3.45.

The New York Times Co. (nyse: NYT - news - people ) rose 42 cents, or 3.1 percent, to $13.91.

Lee Enterprises Inc. (nyse: LEE - news - people ) gained 22 cents, or 9.4 percent, to $2.57.

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Newspaper Shares Mixed in Nervous Day on The Street

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