The company's shares, down sharply yesterday, are sinking again this morning. GCI has traded as low as $32.92 a share, down 2.4% as I write this, putting the company's market capitalization at $7.7 billion. That means the Washington Post Co. is within a few trades of overtaking Gannett as the nation's second-biggest newspaper publisher, based on market value. News Corp. is far and away No. 1.
Update at 6:33 p.m. PT: Gannett's stock closed at $32.45 a share, down 4.1% on top of a 4.2% tumble yesterday. Today's trading was unusually heavy -- three times the daily average -- after a Wall Street analyst lowered his revenue forecast for the industry, Bloomberg News says. Peter Appert of Goldman Sachs said newspaper publishers' revenue will fall 7.9% this year -- steeper than his previous forecast of a 2.6% decline.
Noted: That nearly 8% revenue drop-off is the same figure Publisher Margaret Buchanan reportedly warned Cincinnati Enquirer staffers about last month.
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