[Google Finance profile page shows trend at 1:32 p.m. ET]
Gannett's stock came under renewed assault today, with shares trading recently for $3.68, down nearly 5% from yesterday, as signs grow that the board of directors will cut the dividend during meetings next week beginning Tuesday.
Amid a broad stock market tumble, investors are dumping the company's stock in anticipation of a cut in the payout. The widely watched S&P-500 index is down 2.5%. The Dow Jones industrial average is off 2.3%.
Shares have fallen in 10 of 15 trading sessions since Jan. 30, when Gannett released weak fourth-quarter and year-end earnings that included a warning the dividend might be reduced, Google Finance data show. Shares closed at $6.90 the day before the earnings release; since then, they've fallen by nearly half. (Historical prices.)
Gannett's dividend yield is now 44%. Only yesterday, the New York Times Co. joined other publishers in suspending its dividend, to increase cash reserves and bolster liquidity.
What % of your total 401(k) assets are still in Gannett stock? Please post your replies in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green sidebar, upper right.
ZERO percent of my 401-k is in GCI. That's because I cashed it out, even with the penalties, long ago. back then, the stock was at $75-$80.
ReplyDelete0. Cash it out everytime it comes in. EVERY TIME.
ReplyDeleteZero percent, of course.
ReplyDeletesame here !cash out into other options in 401k
ReplyDelete0. lost 80 bucks once when i waited a few days.
ReplyDeleteFlussshhhhhhhhhh....
ReplyDeleteFlussshhhhhhhhhh....
ReplyDelete2/20/2009 1:41 PM
Not quite yet. The turds are still swirling, and the tissue isn't fully ripped to shreds. It's not yet time for the final plunge.
No, investors are just giving this company a swirly before it goes down.
ReplyDeleteWhoooooosh!
I refuse to keep my company match in Gannett stock. I transfer it out at least monthly, if not every paycheck.
ReplyDelete0 has been kept after it hit . talked about this in my review one year ago as it fell from 80 1 was removed.
ReplyDeleteman maybe they all work like bill albrect in mn.
ReplyDelete