The McClatchy Company (MNI)

Company

"The McClatchy Company is the third largest newspaper publisher in the United States, with 30 daily newspapers, 43 non-dailies, and direct marketing and direct mail operations. McClatchy also operates leading local websites in each of its markets which extend its audience reach. The websites offer users comprehensive news and information, advertising, e-commerce and other services. Together with its newspapers and direct marketing products, these interactive operations make McClatchy the leading local media company in each of its premium high growth markets. McClatchy-owned newspapers include The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The News & Observer (Raleigh). McClatchy also owns a portfolio of premium digital assets, including 14.4% of CareerBuilder, the nation's largest online job site, 25.6% of Classified Ventures, a newspaper industry partnership that offers two of the nation's premier classified websites: the auto website, cars.com, and the rental site, Apartments.com, and 33.3% of HomeFinder, LLC which operates the real estate website HomeFinder.com. " (company website)

Buy

15 April 2010. Bought 500 MNI at $5.95.

Ordinarily I would avoid newspaper company stock like the bubonic plague, but MNI is making another run at a level reached at the end of January, and is doing it with respectable volume. The retracement from the January high was about 30%, reducing the odds that this is a false alarm. And both the 50- and 200-day moving averages are rising. Also, there was a double-top breakout yesterday on MNI's point & figure chart.

• Percentage price oscillator (PPO) — well above the signal line
• Volume — latest price moves on heavier than normal volume

Based on technical analysis, MarketEdge calls MNI a "neutral" noting that the chart shows "strongly improving conditions."