Mecom shares plunge

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Shares in Mecom have plunged today after the stock was downgraded by City analysts.

After closing at 48.25p on Monday night, Mecom (MEC) fell to 24.5p on Tuesday morning, before recovering to around 30p by mid-day.

The fall came after Numis Securities had downgraded 2008 pre-tax profit forecast for David Montgomery’s European newspaper group to £102m from £128m and dropped its earnings per share forecast from 5.6p to 4.3p. Cazenove also cut its earnings per share forecast by 15%.

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