McClatchy CEO: I'm sorry for the 55% drop in our stock price, and it may get worst

Newspaper publisher McClatchy's 3rd quarter is full of red ink and it ain't because of readers running to the web. Instead McClatchy blames its current shituation on the real state slump which in return for them means less ad dollars. It was the web that saved DowJones some face during one their quarterly reports. Perhaps McClatchy needs to beef up that side of their business? McClatchy said its third-quarter income from continuing operations fell to $23.5 million, or 29 cents a share, from $52.6 million, or 65 cents a share, a year earlier.Excluding a tax provision, earnings per share were 32 cents, beating the average analysts' estimate of 31 cents. McClatchy profit falls, no end to ad slump seen [Reuters]