Media General (MEG) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 7,784,212 to 7,438,501 shares, with 11 days to go before the expiry. The short open interest has decreased by -4.4%, amounting to a reduction of -345,711 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 6.3% of the float of the company. The average daily volume of the stock is 663,913 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Media General (NYSE:MEG): The stock opened at $17.80 on Wednesday but the bulls could not build on the opening and the stock topped out at $17.97 for the day. The stock traded down to $17.69 during the day, due to lack of any buying support eventually closed down at $17.77 with a loss of -0.39% for the day. The stock had closed at $17.84 on the previous day. The total traded volume was 751,085 shares.
In a related news, The director, of Media General Inc, Muse John R had unloaded 310,172 shares at $17.77 per share in a transaction on July 14, 2016. The total value of transaction was $5,511,756. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.
Media General, Inc., formerly Mercury New Holdco, Inc., is a connected-screen multimedia company. The Company provides news, information and entertainment. The Companys segment include Broadcast segment, which has around 71 television stations that are either owned, operated or serviced by the Company in around 48 United States markets, all of which are engaged principally in the sale of television advertising, and Digital segment, which includes digital companies: LIN Digital, LIN Mobile, HYFN, Inc. (HYFN), Dedicated Media, Inc. (Dedicated Media), BiteSize TV and Federated Media, as well as the business operations related to the television station companion Websites. LIN Digital provides display and video advertising. LIN Mobile provides mobile advertising. Federated Media provides display and video advertising. Dedicated Media provides marketing, data focusing and analytics for digital marketing campaigns. HYFN is a digital agency. BiteSize TV is a video content creator.