Top Penny Stock Performer McClatchy Company (MNI), Stock Soars after Company Provides Outlook at UBS Conference
(December 7, 2011) Shares of McClatchy Company (NYSE: MNI), a Sacramento, California-based company, are soaring in trading today. At last check, the McClatchy Company stock was trading 44.92% higher at $1.71 on above average volume of 8.24 million.
McClatchy Company shares are soaring in trading today after the company provided an update of business trends for 2011 and an outlook for 2012 at a UBS Conference. McClatchy’s management noted that it saw improving advertising revenue trends that started in September and continued in October and November 2011.
McClatchy said that advertising revenue fell 8.7% in October and 2.4% in November, compared with a decline of 10.1% through the first nine months of 2011. The company said that its total revenue for October and November combined fell 4.9%.
Gary Pruitt, Chairman and CEO of McClatchy Company, said that the improving advertising trends in the first two months of the fourth quarter have been led by retail and national advertising and this is particularly encouraging given that October and November were the company’s strongest months in 2010 and so are the toughest comparisons of the year.
Pruitt said that as the company looks to the fourth quarter, it is pleased to have seen the improvement in revenues in recent months. Pruitt said that the company has limited visibility as it looks ahead to 2012 but will work hard to maintain its ad revenue momentum. He noted that the company is adding digital sales staff and expanding its sales training.
About McClatchy Company: McClatchy Company is a leading news and information provider. The company provides a wide array of print and digital products in each of the market it serves.
- The McClatchy Company stock has a 52-week range of $1.05-$5.61.
- The stock trades on a daily average volume of 821,259.
- The stock is currently trading above its 50-day moving average, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside, which is a strong bullish signal.
McClatchy Company provided an update of its business trends for 2011 and an outlook for 2012. The company’s shares are soaring following the update.