The company's shares rose as high as $14.38 in early trading today -- a new 52-week high, Google Finance says -- before easing back. The jump, on a day when overall markets are down, follows news earlier this week that a Benchmark Co. analyst boosted his expectations for where the stock is headed, after the company reported improving revenue for the current quarter. GCI's recent gains have taken shares a long way from their 52-week low of $1.85.
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Thursday, December 17, 2009
3 comments:
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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Jim
ReplyDeleteSeeing your face show up on Twitter made my day! We've been missing you!!! Do come back to us!
On Monday December 14, 2009, 3:22 pm EST
ReplyDeleteSAN FRANCISCO (AP) -- Gannett Co. shares climbed Monday after an analyst at The Benchmark Co. upgraded the stock, citing improving prospects for the newspaper publisher and what he sees as solid management strategy.
Gannett shares rose 71 cents, or 5.4 percent, to $13.87.
In a client note, analyst Edward Atorino raised his rating to "Buy" from "Hold" and his price target to $18 from $16.
The analyst said that Gannett cut costs by restructuring U.S. newspaper operations -- it consolidated its printing operations and cut full-time employees by 24 percent this year. He also noted that it will centralize its advertising production in two centers by 2011.
The moves "resulted in a significant decline" in publishing operating expenses this year, he said, and he thinks other cost-cutting actions at its U.K. operations will also reduce expenses.
"With solid franchises in small local newspaper markets in the U.S. and U.K., and ongoing efforts to expand content through new print and new media products, we believe Gannett is well positioned to weather the prolonged downturn in the newspaper publishing industry," he added.
The analyst also said that Gannett could see $75 million to $100 million in TV advertising revenue from the winter Olympics and 2010 elections.
That Associated Press story says: "cut full-time employees by 24 percent this year."
ReplyDeleteI don't think that's true. The more likely figure is in the high single-digits -- say 7% or 8% -- as CFO Gracia Martore told Wall Street analysts recently.