By: Mark Fitzgerald Investors bid Media General stock up more than 10% Thursday -- a day in which the newspaper publisher and TV station operator reported that it was cutting 750 jobs, or 11% of its workforce, that its revenue was off in April, and that help-wanted classified revenue at its biggest papers plunged 42%.
Media General (NYSE: MEG) closed the day at $16.40, up $1.59, or 10.74%.
It was a generally up day for the newspaper sector, with ten of the 14 companies E&P tracks closing in positive territory.
The McClatchy Co. (NYSE: MNI), which Thursday announced it had bought back $300 million of its publicly traded bonds to reduce debt principal and interest costs, closed up 4.26% at $9.06, a gain of 37 cents.
E.W. Scripps (NYSE: SSP) was another notable winner on the day, closing at $48.20, up $1.40, or 2.99%. Lehman Brothers Thursday upgraded Scripps stock to "overweight," largely on optimism about the performance of its soon-to-be-separate cable network business. Lehman Brothers recommended dumping stock in the company that will continue to publish newspapers and operate TV stations.
Journal Register Co. (OTC: JRCO.PK) was the day's biggest percentage loser, closing at 20 cents, down half a cent, or 2.38%.
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