Investors remain nervous about second-quarter corporate earnings, bidding down European stocks early today -- a harbinger for Gannett and other U.S. stocks, when domestic trading starts at 9:30 a.m. ET. That's according to a Wall Street Journal (paid subscription usually required) story, here. Today's foreign stock turmoil follows GCI's 4% plunge yesterday, when shares closed at $18.83.
Earlier: Gannett to report second-quarter earnings July 16
Tuesday, July 08, 2008
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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After writing down $3 billion, if someone were to come in and purchase a big chunk of the company at $15/share, they could make a killing.
ReplyDeleteEven if they were leveraged to the hilt, the money is still there. Break up the company and sell the broadcast properties or licenses, dump Newsquest, fire sale the east coast properties for their real estate and they could cover their leverage. Oh, and dump the Crystal Palace in McLean.
Keeping the interstate group (NOT Detroit), Arizona, and USAToday would be a good core to build a leaner, smarter newspaper company. One with very few big papers - USAT, Phoenix, Des Moines and Indy, but with a lot of the smaller community papers that actually make money. Actually, make a LOT of money, based on profit margin.
I'm tired of my paper posting above plan, (ABOVE LAST YEAR!) numbers and us getting hammered still, because we're trying to cover lost revenue for the papers with employees who have time to poop on the floor.
But some of these papers you're saying to get rid of like Indy and Louisville actually do hold their own... Why would you get rid of those papers...
ReplyDeleteLook again -- the person mentions keeping Indy in the next-to-last graf. But yeah, I'd think one would include Louisville in that, though if G wanted to sell Louisville to local ownership, I wouldn't complain.
ReplyDeleteAnon @ 805, Louisville, Indy, are good papers, I agree. Possibly Nashville, Leifeld is good people. When I said "Interstate group" I was trying to cover flyover country - where people still read newsprint.
ReplyDeleteHell, I don't even know if my paper is in the Interstate group - since the latest reorganization I have no idea who my publisher's boss is - or even what city they live in!
Geez, Gannett stock appears to be rebounding a bit today. Wonder if this blog will reflect a day of good news?
ReplyDeleteIndeed Anon @ 4:09, you are correct. Gannett finished the day up 65 cents at $19.48 on a volume of 8.6 shares. (Very heavy trading.)
ReplyDeleteGCI, like the rest of the market, is riding the wave of two consecutive days of price reductions in the per barrel price of light sweet crude.
I almost can taste the "irony" I can't stand this company so much I would be delighted that it self imploded and goes bankrupt! I would actually enjoy seeing all the money grubbing elites gettting fired evn if the the whole company went down the tubes and I didn't have a job! What's that say about moral and the way they run gannett!
ReplyDelete