What do you call a company that gives up 14% of its shareholder's value in 12 weeks? Why, the New York Times of course. Today marks another historic (well, to a technician, at any rate) milestone in Junior Sulzberger's destruction of his inheritance.
The stock closed at $23.87 on very weak volume which indicates that there was no institutional buy floor established at the 24 dollar level. Moody's cutting the Time's debt rating to (appropriately) junk status makes it difficult for the big funds to justify additional purchases. One might wonder if Junior is enjoying freefall as much as the astronauts do.
BTW - that 14% equals a shade under $600 million dollars. More than half a billion gone in three months and the Sulzbergers are leaving Junior in charge. Brilliant.
Saturday Verse: Robert Frost (1874-1963)
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