McClatchy falls to 52-week low after downgrade, bump from Russell 1000
The McClatchy Company (NYSE:MNI) shares dropped to a 52-week low Tuesday after the newspaper company was downgraded from “hold” to “sell” by Deutsche Bank. Also, on Monday it was announced the Sacramento-based company had been removed from the Russell 1000 index. The newspaper company’s shares fell to $5.95, a low for the year, on Tuesday. McClatchy has felt the pinch of the newspaper industry and has plans for job cuts as ad revenues have declined. McClatchy shares have lost 49% since January.
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