GCI joined shares of other newspaper publishers rising after a Credit Suisse analyst said the industry's continuing revenue struggles are likely cyclical. But a broad recovery may not begin until late 2008, "or whenever the housing market firms up,'' the Associated Press says.
Updated at 8:11 p.m. ET: The rally in Gannett shares fizzled; they closed at $35.40, down a smidge. But more worrisome: Late in the day, shares traded at another new low for the decade -- $34.89 -- before recovering at markets' close.
[Hat tip, Romenesko]
Wednesday, December 12, 2007
1 comment:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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Now it's down 45 cents / share after Goldman Sachs not so uplifting projection, and GCI will likely close at or below $35. By my calculations, another 10-year low.
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