Updated at 11:52 a.m. ET: The company's stock has sold for as little as $17.42 today, as a new round of mortgage and oil fears grips Wall Street again. Gannett's market value is now hovering near $4 billion; why you should care.
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."
Note: Only a member of this blog may post a comment.
its gonna be soon trading for buck and a half..So long gannett
ReplyDeleteWith all the bad karma this company has created over the years, well... what goes around comes around. Adios Gannett! Hope the heads at the top roll first. There are some people in this company who are simply criminals. There are others who are just incompetent. Then there are the bulk of employees who are just trying to do their jobs. Let's hope the worker ants don't get too ravaged while the execs and top editors are shown the door. And, along with the coporate types, there are many top level editors whose time is up.
ReplyDelete7 newspaper stocks hit record lows in 1 day
ReplyDeleteThe shares of seven publicly held newspaper companies today plunged to the lowest point in modern history in perhaps the worst single trading day ever for the industry.
McClatchy (MNI), Lee Enterprises (LEE), and GateHouse Media (GHS) hit all-time lows when their shares skidded respectively to $4.85, $3.11 and $1.55 in the opening hours of trading on the New York Stock Exchange.
Also hitting new lows today were:
- Gannett (GCI) at $17.42, the lowest point since 1990.
- Media General (MEG) at $10.34, the lowest point since 1994.
- New York Times Co. (NYT) at $13.03, the lowest point since 1996.
- News Corp. (NWS) at $14.20, the lowest point in 52 weeks.
After scraping the bottom early in the day, the newspaper issues recovered by the end of trading to close at something higher than their record morning lows.
However, the group has lost $3 billion of value since the first of this month (not counting the $6.3 billion reduction in the value of Scripps [SSP] occasioned by its spinoff on July 1 as a standalone newspaper company).
The biggest losers on a percentage basis since the first of this month were GateHouse, whose shares fell 55.7%, and McClatchy, whose stock slid 33.2%. Double-digit drops were suffered in the period by Gannett, Journal Register (JRCO), Lee, Media General, New York Times and Sun-Times Media (SUTM).
(source: Confessions of a Newsosaur blog)
Check out this market analysis: http://followthemedia.com/fittoprint/tact11072008.htm
ReplyDelete"Wall Street Changes Tact On US Newspaper Shares – It’s No Longer About Increasing Shareholder Value But Rather It’s All About Survival"
I wonder if GCI dividends will drop.
Larry St. Cyr to the rescue!
ReplyDelete