Stock | In broad market rout, GCI dives nearly 7%; overall market indexes sink on Euro debt worries

[Path of run-up from $1.85 in March, see arrow; bigger view]

Gannett's shares plunged 6.5% today, closing moments ago at $13.66, down 95 cents, as stock markets nose-dived on fears of growing debt woes in Greece and other Euro region nations. The Dow Jones Industrial Average fell 2.6%, and the broader S&P-500 dropped 3.1%, according to Google Finance. Among publishers I follow, only two fared worse: E.W. Scripps, down 7.2%, and Lee Enterprises, off 6.8%.

GCI is now down 21% from a recent high of $17.25. Beyond today's broad market rout, there are several possible explanations for GCI's extra-sharp decline. Although fourth-quarter earnings, released Monday, were better than expected, some market watchers worried the outlook for television advertising sales wasn't rosier. Also, investors may be selling shares to capture profits from Gannett's huge, nearly year-long run-up; GCI traded as low as $1.85 in the past 12 months.

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