Saturday, 15 November 2008

NYT Company goes as low as $7.25; Harbinger Capital Partners does some housekeeping.

Not a great week.

The opening bell rung Monday at $9.25, so if you thought that was a good buy under $10 you lost 22% of you investment by the weekend. Hope you didn't.

NYT Company stock traded at an all-time low of $7.25 on Friday and closed out the week a cent above it's previous low of $7.33.

At $7.34 that represents a drop of nearly 47% in the last 3 months, -58% YTD, -61% in a year, -74% in 3 years and -84% over 5 years. More than that you really don't want to know.

Feb. 26th, 2004, it closed at $48.60 at a volume of nearly 3.5 million shares traded. Looking at recent volumes, who knows what's going on.

Meanwhile Friday, a Form 4 regarding The New York Times Company was filed with the United States Securities and Exchange Commission concerning 10% Class A Common Stock owners Harbinger Capital, moving some 40 million shares from its Special Situations Fund into another of its vehicles last Wednesday. This they did at $8.38. They also did some derivative stuff on nearly 400,000 shares that maybe made them some bucks, so someone, at least is making money.

You've gotta ask yourself if some naked short selling on NYT stock isn't the way forward. But remember:

Ring-a-ring o'roses,
A pocket full of posies,
A-tishoo! A-tishoo!
We all fall down.

New York Times Co
NYT on other Exchanges
7.34 USD Last
-0.62 -7.79% Change
2.4M Above Average Volume

Data as of November 14, 2008 16:05 exchange time. Market data is delayed by at least 20 minutes.
Today's Open
7.82 USD
Previous Close
7.96 USD
Today's High
8.06 USD
Today's Low
7.25 USD
Today's Volume
Avg Volume (10 day)

"Books about cosmopolitan urbanites discovering the joys of country life are two a penny, but this one is worth a second glance. Walthew's vivid description of the moral stress induced by his job as a high-flying executive with the International Herald Tribune newspaper is worth the cover price alone…. Highly recommended."
The Oxford Times

'I read
A Place in My Country with absolute unalloyed delight. A glorious book.'
Jeremy Irons (actor)

‘Ian Walthew was a newspaper executive with a career that took him round the world, who one day did a mad thing. He saw a for-sale sign on a cottage in the Cotswolds, bought it, resigned and moved in. For the first few weeks he just lay on the grass in a daze. Then he started talking to his neighbours and digging into the rich history of this beautiful part of England. Out of his inquiries grew this affecting and inspiring memoir.What sets it apart from others of its ilk is the author’s enviable immunity to cliché and his determination to love his homeland better than he used to.
His elegiac account of relearning how to be an Englishman should be required reading for anyone who claims to know or love this country. Financial Times

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