A dime will now buy you a piece of Yellow Media.
The company’s share has been sinking by several percentage points every day for a week, dipping from 19 cents to just 10 cents per share, following a slew of mounting bad news. The company, which failed to dedicate the necessary time and resources to its digital initiatives, is now saddled with nearly $2 billion in debt from its ailing print business.
Standard & Poors today cut Yellow Media’s credit rating from B- to BB-, which sent the stock spiralling downward more than 9%. And only a few days ago, the company’s latest financial earnings report cast a dark cloud, which also triggered a downward surge in the stock.
Only one year ago, the company’s stock price was nearly $6. However, investors fled the scene after watching the company’s print business decline rapidly. The damage the print business dealt to its finances disabled Yellow from smoothly transitioning to the digital space.