Monday, November 10, 2008

Price falling, GCI stock near pre-layoff levels

[Stock's path since layoffs announced last month; bigger view]

Gannett shares recently traded for $9.82, down 6.7% -- erasing virtually all the gains that followed the company's disclosure on Oct. 28 (see arrow, above) that it plans to lay off 10% of its newspaper workforce. The day before that reduction was announced, GCI stock closed at $9.13 a share.

This was the same pattern in August, when Gannett announced plans to reduce newspaper employment by 1,000 jobs through layoffs and attrition.

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2 comments:

  1. Anonymous11/10/2008 2:18 PM

    Layoffs are cancelled.

    We'll do this again right before the dividend is announced!

    It's been fun!

    ReplyDelete
  2. Anonymous11/10/2008 2:21 PM

    I guess this means more layoffs in '09 ... and '10 ... and beyond if GCI still exists.

    ReplyDelete

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