As CanWest’s stock continues to be pummeled, trading at 90 cents a share at the moment, down from yesterday’s close of $1.09 and down from the 52-week high of $8.28, some media is catching up.
This morning, The Tyee, the online-only, Vancouver-based publication, has Marc Edge’s Why Did I Buy CanWest Stock? Marc is one of the experts on CanWest and the Vancouver newspaper scence (CanWest owns both of Vancouver’s paid dailies) and his take on the situation is interesting.
Google still turns up nothing, however, from other major Canadian news media.
Mathew Ingram, in a tweet, suggested the reason that CanWest’s woeful stock performance isn’t getting more coverage — compare it to the number of pieces written about the NYT’s troubles, including Mathew’s own — is that CanWest’s financial condition has been shaky for so long, that the current drubbing may not have been unexpected. That makes some sense, but still.
CanWest is the largest publisher of English-language dailies in Canada, with titles in every major Canadian city, and a national title as well. Over the last five days, while the markets have bounced around, the share price has been dropping relentlessly. (Look at the graph, which is showing something pretty close to a 45-degree angle.) From being a touch over $1.40 a share five days ago, it has dropped to 90 cents. There’s been a 17 per cent loss today.
I’m willing to admit I may be over-reacting to this. I don’t know a great deal about business and stock markets, and I have a tendency, more than many others, to see media stories as important.
Given all that, I’m still puzzled why a story about a company of this size and importance to the Canadian media scene seems to have attracted so little attention.