Thursday, February 19, 2009
Final 15 minutes: GCI down 6%; cap now $869M
Gannett's stock traded recently for $3.81 a share, down 6% -- and dropping the company's market capitalization to $869.1 million, just six days after it breached the $1 billion line. Earlier in the session, GCI shares raded as low as $3.75. Meanwhile, both the Dow Jones industrial average and the S&P-500 index are down less than 1%.
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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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Wow. If the stock closes below $4 for the week tomorrow, it's Katy bar the door on Gannett's stock price. When the dividend is cut next week (they have to, otherwise look for a merger or bankruptcy) then the downward pressure is going to be even greater.
ReplyDeleteNow the person who said GCI would be warned for de-listing doesn't seem so far-fetched.