Gannett shares tumbled 7% yesterday, closing at $17, as stock markets reeled in a record one-day plunge after the U.S. House of Representatives stunned congressional leaders by rejecting the Bush Administration's $700 billion bank bailout plan. Already today, foreign stock markets are recoiling: European shares tumbled again, MarketWatch says, with banks and oil producers falling, as investors took their first chance to react to the U.S. plan's rejection.The selling frenzy here in Europe this morning comes on the final day of the third quarter -- likely bringing more revenue and earnings declines vs. a year ago when Gannett reports third-quarter results in the weeks ahead.
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Earlier: Advice from workers who've already been laid off
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GCI down to 16.51 at noon.
ReplyDeleteAnother reminder: DO NOT KEEP GCI STOCK IN YOUR 401(k)!!. Go to www.ybr.com/gannett after every payday and transfer that paycheck's match amount to another fund.
There aren't many funds that are doing well now, but if you do move your Gannett stock to another fund make the move as a percentage and not a dollar amount. If you move the entire amount as a dollar amount and Gannett stock is not worth the same amount at the end of the day as it was when you entered that number, the entire transaction fails. It will fail and you will get no notification that it failed. I speak from experience. Always move your money with percentages.
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