McClatchy Stock Crashed Friday After Company Warned of Pension Funding Crisis
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Poynter
Poynter
A week of cascading financial woes for McClatchy continued Friday when its already battered stock lost 65% of its value in a single day.
Shares opened at $1.41 and closed at 49 cents. The stock had started the week at $2.75 a share after weak third-quarter earnings and warnings of more problems ahead.
In September the company said it had been put on notice that it stands to be delisted by the New York Stock Exchange American. Unless it can reverse the descent into penny stock territory, that outcome becomes more likely.
Shares opened at $1.41 and closed at 49 cents. The stock had started the week at $2.75 a share after weak third-quarter earnings and warnings of more problems ahead.
In September the company said it had been put on notice that it stands to be delisted by the New York Stock Exchange American. Unless it can reverse the descent into penny stock territory, that outcome becomes more likely.
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