Gannett's stock closed moments ago at $9.31, down 11.2%, as Wall Street investors bid down shares overall amid growing concerns about corporate profits. GCI reports third-quarter earnings Friday morning. The widely watched S&P-500 Index fell a whopping 6.1%.The company's stock performance today was the worst among newspaper publishers I follow. Plus, at today's closing price, the yield on Gannett's shares has now climbed to a difficult-to-sustain 17.2%. Remember: Corporate hasn't ruled out a dividend cut.
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[Image: Google Finance]
Geez - the quarterly results are not officially out yet. Hey directors, how low ya gonna let it go? How many families are you going to ruin? How many jobs are you going to plow asunder while the team without a clue is at the helm.
ReplyDeleteDIVE BABY DIVE! RIGHT INTO THE GROUND. Craig Debow, garbage man. LOL,LOL,LOL .
ReplyDeleteWhat are GCI employees getting for Christmas? Pink slips or $2 Gannett stock.
ReplyDeleteWow, remember April, 2004? $90/share.
ReplyDeleteRemember February, 2005? $80/share.
Remember September, 2005? $70/share
March, 2006? $60/share.
July, 2007? $50.
October 2007? $40.
March of this year? $30.
August? $20.
October? $10.
In December, Gannett will be fighting with McClatchy ($3.12) for the title of Most Valueless Stock.
We're on our way!
I've increased my production by significant double-digits every year for the past four years. This year, I got a 2-something percent raise for my hard work.
ReplyDeleteDuring the same period the board presiding over this company lets its stock go down 80%.
Who do you think should be getting the golden parachutes?
The market is pricing into stock's values the expectation that Obama will be elected. That's how the market works. Explanation at:
ReplyDeletehttp://en.wikipedia.org/wiki/Discounted_cash_flow
Not that this is why GCI is down $80, but it explains the very recent plunge.
And here's another term for you:
ReplyDeleteHyperinflation depression.
You'll hear it in the next four years, if you haven't yet.
Your business writer could have explained that to you, but he/she has long been replaced by a clueless kid who re-writes the local-local Chambers' PR.
$9.30 close.
ReplyDeleteWill the last one out please turn off the lights?
The £s huge decline against the $ today will also be playing on the markets mind, further diluting Newsquest's (converted $) profits.
ReplyDeleteMaybe Gannett is hoping to get in on the Goverments bailout program?
ReplyDelete5:01
ReplyDeleteI think the auto industry has dibs on that.
As for everyone else. Work everyday like your next job depends on it. Do your best at what you do and you will be rewarded. Every employer outside Gannett knows how hard you all work. They also know it is Gannett's fault and not yours for the problems that have arose. Even though your managers will tell you it is cloudy outside it is actually very sunny.
Imagine what a wonderful local local story addition this could have been when the Indy Star wrote about Gannett's plans for a tax abatement and state grant support for the service center. Had they included the fact that the company's higher ups were getting millions, while seeking support from tax money, readers would have clicked and commented like crazy! Local local coverage doesn't have to be all chicken dinners and chamber stuff. I don't think Gannett quite gets it.
ReplyDelete