Tuesday, May 04, 2010

Stock | GCI pummeled in broad market selloff

Gannett's stock recently traded for $16.61 a share, down 68 cents, or 3.9%, as broader markets dived on renewed concerns over the European Union's bailout plan for Greece. GCI's plunge is greater than other market measures: The S&P 500 Index was recently down 2.6%, and the Dow Jones Industrial Average is off 2.3%, or 254 points. The tech-heavy Nasdaq composite has fallen 3.3%.

Gannett's fall also followed Corporate's announcement earlier today that the board of directors, as expected, is holding the regular quarterly dividend steady, at 4 cents a share.

6 comments:

  1. A quibble, but GCI used to carry a 40 cent dividend until 1999, when it was cut to 4 cents. That's a 90 percent cut for people on fixed incomes who count on dividends for their living.

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  2. 5:06 pm: I believe you mean until 2009.

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  3. Thanks, I did.

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  4. If the Euro falls apart, as now seems clear, what happens to Newsquest? With the sinking Euro and sinking pound, will corporate be willing to accept deeper losses on these properties? I have no insider knowledge, just speculating. But it looks to me that the future of Newsquest isn't so great.

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  5. Seems Saridakis and the other GCI bigwigs who sold recently knew what they were doing. Couple this with the bad USAT news and it doesn't seem unreasonable to expect another Gannett tailspin this summer.

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  6. Sell this crappy stock. Going no where!

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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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