The company's stock just closed at $1.99 a share, up 2%, after investors "tested" the record $1.95 closing low, set only yesterday. Earlier this afternoon, shares traded for as little as $1.85.Gannett's rise came as overall stock markets surged sharply on investor optimism over the troubled banking industry. The Dow Jones industrials jumped 379 points, or 5.8%, to 6926. And the broader S&P-500 index finished 6% higher.
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What makes this more disturbing is that new lows were reached on a day when the market soared. At least Gannett was not included on Moody's bottom rung list of 238 companies likely to default.
ReplyDeletehttp://www.scribd.com/doc/13126896/Death-List
Dow up 300, Gannett DOWN 4 cents/share.
ReplyDeletePretty soon, GCI will be selling for 4 cents/share.
Newspapers have a great deal of value to offer...beginning with content that so many big newspaper companies like Gannett feel the need to give away for pennies on the dollar.
ReplyDeleteAnd, the longer Gannett's board tolerates this company's long-term leaders and their intransigence to changing course, the longer Gannett's "recession" will continue.
2:17 On the contrary, newspapers have no value to offer, as witnessed by the wholesale sell-off of newspaper stocks in the lasts two years. I agree that it is time GCI looked at what is happening, and adopt the troubled Detroit model GCI-wide, publishing largely on Thursdays, Fridays and Sundays when ads support the cost of the staff to gather and produce the news.
ReplyDeleteWill the cancel the shareholder meeting after they file chapter 11?
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ReplyDeleteDid GCI really file today?!
ReplyDeleteAs of this moment, in addition to the market being +300, Gannett is the worst of all newspaper companies barely being on the up side for the day. Has anybody heard anything from corporate regarding... Anything?
ReplyDeleteIn each of the last four weeks, the market has had one rally day, followed by profit-taking sell off and bearish avoidance the rest of the week. Expect much the same this week, and GCI to finish around $1.70.
ReplyDeleteOr not ;)
They are still making money, don't let them fool you. They won't go down without a fight. Chris still has to collect that bonus in 2012.
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