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.
Tuesday, May 04, 2010
6 comments:
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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.
ReplyDelete5:06 pm: I believe you mean until 2009.
ReplyDeleteThanks, I did.
ReplyDeleteIf 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.
ReplyDeleteSeems 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.
ReplyDeleteSell this crappy stock. Going no where!
ReplyDelete