Updated at 4:33 p.m. ET: Shares ended the day at $20.03 -- up $1.14 -- after trading as high as $20.71 earlier in the afternoon. It was the first time GCI traded over $20 since July 9, Google Finance says. Today's 6% rise trumped the 0.7% gain in the S&P-500 Index, a broad measure of overall stock market activity. Gannett's volume was 8.7 million shares, well above the 5.8 million daily average.
Monday, August 11, 2008
Gannett's stock closes above $20 -- a 6% jump
Updated at 4:33 p.m. ET: Shares ended the day at $20.03 -- up $1.14 -- after trading as high as $20.71 earlier in the afternoon. It was the first time GCI traded over $20 since July 9, Google Finance says. Today's 6% rise trumped the 0.7% gain in the S&P-500 Index, a broad measure of overall stock market activity. Gannett's volume was 8.7 million shares, well above the 5.8 million daily average.
4 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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Imagine the bounce if Gannett actually presented the totality of its buyouts.
ReplyDeleteAnd, it would help employees. But, since Gannett has little interest in that you'd think they'd at least want investors to know. They love to hear about large layoffs, especially from a company that has done little more than shuffle a few deck chairs around, sell some land, and talk that sales are coming.
Can anyone out there give a novice some advice on my Gannett 401K? So it rose back above $20 per share. Might as well hold on to the stock still, right? Does anyone feel it will go up to something more respectable anytime soon? At what point would I be advised to sell?
ReplyDeleteFirst off you should be diversified in your 401k, so any one investment shouldn't be more than 10% of the total. Especially company stock.
ReplyDeleteAs for the $20 price, the GCI stock is up 20% in the last couple months. Who is buying. Are money managers believing management has the right stuff. It appears, despite others who write on this blog, that management is doing the right thing.
No need to keep any GCI stock in your 401(k). Move your money into a diversified portfolio, or S&P.
ReplyDeleteGCI stock is not going to get much higher until profits stop shrinking and start growing, and there is no sign that is going to happen soon. The cost-cutting going on now is slowing down the rate of profit shrinkage, but the incoming revenue is still falling. Keep your eye on advertising revenue; when that starts showing signs of life, that's when the stock will start to grow, and you can put money back into it if you want to gamble.
Look at it this way. You are already subsidizing the stock by working free overtime. No reason to sacrifice more by hanging onto the stock.