By: Mark Fitzgerald Newspaper stocks rebounded dramatically Tuesday, led by a 20.95% increase in the cost of new print pure-play A.H. Belo Corp.
A.H. Belo (NYSE: AHC), which had been dragged to repeated new lows in the last two weeks, ended trading at $6.35, up $1.10.
As with other newspaper industry stock movement Tuesday, there was no apparent reason for the jump in A.H. Belo.
Lee Enterprises Inc. (NYSE: LEE) also jumped in price, soaring by 14.29% to $3.60 on a gain 45 cents a share.
Another newly minted newspaper pure-play, E.W. Scripps Co. (NYSE: SSP), also rebounded after repeatedly being hammered down in recent days. Scripps ended trading at $3.32, up 24 cents, or 7.79%.
Media General Inc. (NYSE: MEG) ended in positive territory, gaining 83 cents, or 7.59%, to $11.79.
Missing out on the party was The McClatchy Co., which ended down 16 cents, or 2.93%, at $5.31. Tuesday McClatchy disclosed that it had sold at a loss its 15% stake in the Web shopping directory ShopLocal to Gannett Co. Inc. McClatchy said it would use the sale to pay down debt and create a tax loss. Tribune Co.. separately sold its 42.5% stake in ShopLocal to Gannett.
Journal Communications Inc. (NYSE: JRN) was up 26 cents, or 5.87%, to $4.69. Journal Communications announced a regular quarterly dividend of 8 cents a share payable Sept. 5 to shareholders of record Aug. 26.
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