Gannett shares closed moments ago at $35.03, down 4% for the day, Google Finance says -- and off 10% for the week. Wall Street punished newspaper stocks across the board, with many losses exceeding the broader S&P-500 Index's 2.5% decline. Price change today in shares of major publishers I follow:- McClatchy: down 6.6%
- Belo: down 4.1%
- Gannett: down 4.0%
- New York Times Co.: down 3.9%
- News Corp.: down 2.7%
- Washington Post Co.: down 1.1%
- E.W. Scripps: down 0.5%
- Lee: up 0.1%
[Photo: Traders work the New York Stock Exchange floor earlier today as stocks sold off, Reuters]
stop taking such glee when GCI stock goes down. some of us have piles of it in our 401-Ks.
ReplyDeleteactual people work for the company.
I take no pleasure in Gannett's stock movements -- no matter the direction.
ReplyDeletePete: It's not a good financial practice to have any of your 401K invested in your employer. This is true for employees of any publicly-traded company, not just Gannett. (Remember Enron?)
ReplyDeleteMove it as quickly as possible into one of the other investment segments available in the 401K. Diversify. You should be able to do this quite easily through YBR.
Also, if you're a long-term employee, contact H.R. and find out what your existing and projected benefits are in terms of your vested pension.
Best of luck to you.
Good advice. Please see the following post I wrote about Gannett's 401(k): http://gannettblog.blogspot.com/2007/12/as-gannetts-stock-plunges-review-your.html
ReplyDelete