Shares traded recently for $2.41 -- up 11%, and halting a five-day spiral that saw its value plunge 35% since last Wednesday alone, when GCI announced a 90% dividend cut.
Wednesday, March 04, 2009
Building on gains, Gannett soaring in p.m. trade
Shares traded recently for $2.41 -- up 11%, and halting a five-day spiral that saw its value plunge 35% since last Wednesday alone, when GCI announced a 90% dividend cut.
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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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Don't pay any attention to the rise in stock prices. It has nothing to do with GCI. The whole market is up right now. It's just "dumb money" following other "dumb money."
ReplyDeleteGo GCI!
ReplyDeleteThe question to ask yourself is this: If you had the money (about $600M today) to buy Gannett outright, would you? Could you make money on the company at that price? If your answer is no, sell your stock.
ReplyDeleteI compare GCI to Sprint. Way down from a lofty price. Sort of meandering along at $2-$3 a share. Faced with a staggering debt. Maybe Smilin' Craig could star in some commercials like Dan Hesse.
ReplyDeleteSprint is losing money, GCI is cash flow positive (posted losses due to writedowns)
ReplyDeleteAnd it's also debatable whether Gannett's debt is really 'staggering.' It's certainly not compared to several of its peers.
ReplyDeleteThen by all means buy.
ReplyDeleteBut sorry, $3.8 billion in junk debt, value write down near $6 billion, shrinking subscriptions, weary employees, and no guarantee that online will ever replace lost print dollars is concerning. And, since real estate, auto and employment revenues never fully returned in previous down turns, even more so. Lower housing prices and extensive auto dealer consolidations guarantee it. All make it tougher for Gannett to deliver.
And, comparing Gannett to peers may make you feel good, but it assumes investors want big newspaper stocks…they obviously don’t.
Even dead cats flop up a little when they fall out windows.
ReplyDeleteSoars?
ReplyDeleteIt's still a joke.