Updated at 2:21 a.m. ET, Sept. 20. Gannett stock closed today at $18.56 a share, up 2.5%, in a broad stock market rally after U.S. officials announced plans to rescue banks from billions of dollars in bad debt. Earlier in the day, shares traded as high as $20.93. The widely-watched S&P 500 Index closed 4% higher, however.
Earlier: The company's stock sank about 12%, to $15.96, in after-hours trading yesterday, after soaring nearly 14% earlier in the day in a broad stock market rally driven by investors hoping the worst is over in this week's historic Wall Street rout. But foreign stocks surged this morning, suggesting Gannett could bounce back when U.S. trading resumes at 9:30 a.m. ET.
Friday, September 19, 2008
15 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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That sound was 40,000 Gannett employees flushing out their 401k after a $2 rise.
ReplyDeleteI wish I would have remembered.
The release of yesterday’s dismal holiday sales forecast and no signs of a recovery in housing and jobs anytime soon suggests another direction for Gannett’s stock…and, it’s likely not up.
ReplyDeleteGannett stock is not a one year stock. stop watching it everyday and wait for this downsizing to stop. In the long run, there is still value to be untapped but its going to take a couple of years.
ReplyDeleteAsk around, I'll bet you'll find your back-to-school ad sales were dismal and that your publisher is concerned that Christmas will be more of the same. Doesn't bode well for job security, even in profitable locations.
ReplyDeleteAt least the short sellers can't bet against Gannett for a while ...
Now you're using after-hours numbers to make the stock look bad? The reality is that it went up a bunch yesterday in the regular markets and will go up a bunch more today (up 10% and just below $20/share as of this writing).
ReplyDeleteyep that's Jim...the stock rallied all day and he found the worse news to plant more fears in readers. This is the National Enquirer after all. The stock is now in a huge rally this morning.
ReplyDelete10:31: I don't think you understand the definition of news. Journalists report the latest information first (i.e.: after-hours trading), followed by the older information (i.e.: the closing price during regular trading).
ReplyDeleteAlso, it appears you missed my closing sentence from the earlier version of this post: "But foreign stocks surged this morning, suggesting Gannett could bounce back when U.S. trading resumes at 9:30 a.m. ET."
I bet that N.Y. Hedge fund manager, that control GCI, stock for that fund.And reads this blog is happy.
ReplyDeleteThanks Jim for clarifying.
ReplyDeleteMarketwatch is reporting: NY Times reported better than expected digital revenue for August and it caused the newspaper stocks to soar on the back of the broader rally. However, for perspective, digital accounts for only 13% of TOTAL revenue for NY Times. It gave a bump of optimism to the newspaper stocks.
Any one holding stock for more then the time it takes to transfer it into something more profitable is off their rocker. Great Match, LOL.
ReplyDeleteI have seen GCI go from $40 to $90. When it started going down, down and down I would move it over into something more diverse in my 401K every time I got paid. Because I was alert and took the time to do this every month my 401K has survived.
I guess it was a gut hunch, but I do know I did not approve of the Gannett hiring practices when it came to Managers and Advertising Directors. It just seemed bogus. Why put people that are not qualified in a position that brings in such important revenue. Non performers would not last in circulation one week.
When I lost faith in the company I worked for, I started transfering all my stock immediately after earning it.
Just my gut feeling.
...and you have to really wonder about the strategy that places circulation revenue under the control of advertising VP's too (i.e. Cincy, others).
ReplyDeleteSorry, but that appears to be a distraction that this company can ill afford.
Quote:Gannett stock is not a one year stock. stop watching it everyday and wait for this downsizing to stop. In the long run, there is still value to be untapped but its going to take a couple of years.
ReplyDeleteYes I could not agree more. They are a long term stock that is very strong.
But I never keep all my eggs in one basket.
Darn it I dropped one.
It does not appear GCI is a good 5 year stock either (down 78% - Nov 21st -> current).
ReplyDeleteGiven this former insiders view, Gannett needs to unlock its talented ranks else it will never deliver real value. Yet, its history supports that it’s unlikely that Gannett’s oligarchs ever will.
ReplyDeleteAnd, speaking of history, that’s most likely a better predictor of Gannett’s future as little seems to have changed. During the past five years (which wasn’t as challenging as what’s ahead) the DJ U.S. total market index grew 26.6%, the publishing industry index shrank -30.8%, and Gannett, well its numbers speak for themselves, -76.2% (WSJ).
With results like this your money seems to be better kept in a sock drawer.
FYI, GCI is NOT on the list of 799 "financial" stocks that cannot be shorted until after Oct. 2:
ReplyDeletehttp://www.sec.gov/rules/other/2008/34-58592.pdf