Thursday, April 17, 2008
Gannett stock trades at new 52-week low
Shares closed today at $27.58, down 2.8%, after trading as low as $27.37 earlier in the day. GCI has been setting new lows for days now, perhaps in anticipation of news Monday, when the company is set to report first-quarter financial results.
7 comments:
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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NYT's earnings report was the catalyst for Gannett's slide on Thursday. But I'm sure Dubow & Co. will drive the stock price down further next week.
ReplyDeleteIt's appropriate to point out that these 52-week lows are more like 10-year lows.
ReplyDeleteDiana Diamond, writing for the San Jose Business Journal:
ReplyDeleteNewspapers, as viewed by Wall Street investors, seem to be no better than boxes of soap or cartons of widgets. Newspapers have become just like any other marketplace commodity on Wall Street: Their purpose in the stock market is simply to make money for investors.
I've never seen GCI this low since the early 1990s. I suspect the price hasn't been lower since the 1980s or perhaps 1970s.
ReplyDeleteHard to believe that some of the same publishers and corporate vagabonds who led this company into the hole are still entrusted with bringing it out - especially those who remain standing after high losses of their senior management.
ReplyDeleteWorst yet, they won't leave on their own as their phamton stock is subterranean.
The closing price of GCI today (April 18) is $27.98, up 40 cents for the day. On a split-adjusted basis, this is the same price as GCI on June 12, 1996. That figure includes dividends.
ReplyDeleteIn other words, $1 invested in GCI on June 12, 1996, is worth ... $1 today. Keep in mind that the value of the dollar, which was considerably more in 1996, has not been adjusted for inflation and debasement by the Fed.
I took some grief recently for calling GCI investors "naifs" and saying that this barking dog of a stock has only one way to go: down.
I stand by my assessment.
Short this sucker and make some money, or go broke holding it.
Which "senior managers"?
ReplyDeleteLet's start naming names and kick this blog out if it's boring funk!