The company's stock closed this afternoon at $9.64, up 3.5%, after trading as low as $8.49 earlier in the day -- less than 24 hours before Gannett is scheduled to release third-quarter earnings. The shares' recovery came as newspaper industry stocks overall were beaten down by a dividend cut warning by the New York Times Co. this morning. GCI's rise followed a jaw-dropping 11% plunge in the stock yesterday.
Thursday, October 23, 2008
In late-day rally, Gannett shares close higher
The company's stock closed this afternoon at $9.64, up 3.5%, after trading as low as $8.49 earlier in the day -- less than 24 hours before Gannett is scheduled to release third-quarter earnings. The shares' recovery came as newspaper industry stocks overall were beaten down by a dividend cut warning by the New York Times Co. this morning. GCI's rise followed a jaw-dropping 11% plunge in the stock yesterday.
8 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."
Note: Only a member of this blog may post a comment.
Subscribe to:
Post Comments (Atom)
Sell, baby , sell.
ReplyDeleteI think they are driving the price of GCI down to the point where it matches that $1.2 billion loan. Then the banks would have a California housing problem where GCI would be underwater and unable to confront its bills.
ReplyDelete2 billion, huh? Gannett paid 2.6 billion for CNI (Arizona Republic & Indianapolis Star) back in 2000, calling CNI "The Crown Jewel" and have promptly run it straight into the ground. Newspapers need to survive along with journalism, Gannett needs to go!
ReplyDeleteGCI is on the road to delisting, just like Journal Register and darling GateHouse.
ReplyDeleteJim, this blog really has become infested with short-sellers who can only profit if the stock keeps falling. GCI is in trouble, but it hasn't even lost money yet! That happens all the time to good companies in a recession. For your real audience, maybe you could do some simple explanatory work -- how GCI is getting hammered by short-sellers, newsprint prices that are peaking, currency conversion and the sudden chill in all Internet advertising.
ReplyDeleteIn general, 11:44 p.m., I think that's a good idea. But as influential as I like to think this blog may be, I'm not sure how short sellers profit by lurking about here.
ReplyDeleteWhy? Because they can pass themselves off as insiders here! It's not just here -- they lurk on every GCI msg board. It's free and well worth the effort if you have hundreds of thousands or millions riding on a price drop. Fair enough. But as the proprietor here you should put their poison in context. Have you looked at the short position of GCI lately?
ReplyDeleteA Gannett exec told that he thought Warren Buffet might buy the company for about $15 a share. I think Jimmy Buffet might be a better choice.
ReplyDeleteMaybe, he meant Warren Buffet was going to buy a $15 buffet for lunch? Could be. Gannett is having a real bad time with "communications' these days.