The New York Times reports that over 25% of those foolish enough to still be holding NYT Class A shares withheld their votes for board members at yesterday's shareholder meeting.
Hint to those still owning NYT common: Sell
The NYT article linked has a very nice graphic supporting the advice given above. The NYT lost 47% of its value in the past two years and shows no sign of arresting the rate of descent. There is no evidence that the Ochs/Sulzberger families have lost faith in the lackwitted family scion whose incompetency and demonstrated lack of judgement is destroying the trademark so bailing out before impact seems a very reasonable suggestion.
Sedition must remain its own reward.
UPDATE: - If the Ochs-Sulzberger families get rid of Pinch within the next year the stock is a buy. Under lucid management the company is worth at leat what it was two years ago.
2 comments:
Shareholders revolt?
Knuck,
Morgan Stanley Investment Research (from Flenser's link) appears to have taken a $150M haircut over the past two years. One might wonder why they keep holding on. T. Rowe Price has almost double their exposure and Fidelity about half.
None of the big boys have rushed the exit yet. If one of them bails we'll find out where the real floor is. My bet is around 20.
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