'Mad Money,' Mad at McClatchy
Ever watch CNBC wildman Jim Cramer? He's a veteran Wall Street trader with an outsized personality who does an entertaining and informative hour of market analysis every evening. He comes off as nuts, but he knows his stuff, and when he goes after a company or a CEO, he often draws blood.
Last night, one of his targets was McClatchy—specifically, CEO Gary Pruitt. Cramer called Pruitt "a walking disaster...a one-man black hole for shareholder value," and pointed out that McClatchy's stock price has resembled a very steep ski slope for the past year or so—not coincidentally, since Pruitt-led McClatchy bought Knight Ridder. "He has wrecked the company himself," Cramer declared, practically foaming at the mouth (imagine how McClatchy shareholders feel!).
Give the video clip of the segment on CNBC.com a look—it's very entertaining television that makes a devastating case. And make sure you stick around for the very end, when he, um, eggs Pruitt on.
(Chart from CNBC.com)
Cramer's an idiot. I wouldn't trust him with my investments if he offered a money-back guarantee. Like pretty much everything else on cable news, he's all schlock and shtick and no substance.
Pruitt is a fine CEO and to single him out is ludicrous. The KR deal is a great long-term play, assuming newspapers survive, and if they don't, it doesn't really matter.
Posted by: Howard Owens | March 07, 2008 at 11:42 PM
I don't watch the clowns.
http://occamsrazr.com/2008/02/21/five-reasons-why-financial-news-is-bogus/
Posted by: Ike | March 12, 2008 at 02:45 AM
I worked for the Mclatchy The News Tribune for 21 years. They have allowed the adv. Manager to destroy the live of the older employee that work there. I is a crime in my eye because I was one of these people. I hope McClatchy goes under and take Pruit with it. They deserve every thing they get.
Helpless In Tacoma Washington
Posted by: wayne nolan | April 19, 2008 at 09:21 PM
6/25/08 Press room at Modesto Bee was just informed today that all printing of the Modesto Bee will be transfered to The Sacramento Bee. The union press men will be offered a severance package. Watch McClatchy news for details.
Posted by: Jay Dobbs | June 25, 2008 at 11:39 PM