Tuesday, June 15, 2010
Stock | Gannett surges 5% on big market rally
GCI's stock recently traded for $16.62 a share, up 84 cents, or 5.3%, as overall stock markets soared -- a better performance than broader market indicators. Just moments before the close, both the Dow Jones Industrial Average -- up 214 points -- and the S&P 500 Index had climbed more than 2%.
6 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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Thank you.
ReplyDeleteYou're welcome.
ReplyDeleteI am fortunate to own 5,300 shares of GCI @ $4.05 per share, bought when Armageddon was nigh in 2009. That said, it is well to remember that good company managers manage companies, not stock prices. I hope that GCI execs are not paying as much attention to daily stock fluctuations as the generally excellent Gannett blog is. I fear I may be wrong though.
ReplyDeletePump and Dump, perhaps?
ReplyDeleteThe dirty little secret about Gannett stock, of course, is that most Gannett managers and other employees who own Gannett stock "bought in" some years back, and they "bought in" at about $50+ per share.
ReplyDeleteSo until Gannett stock exceeds that number they bought in at (and that includes any "bonus payment" stock they got, but still had a minimum value at the time) their stock is worthless.
They can't sell it and it has 0 value until it reaches that floor number.
And when does anyone expect Gannett stock to hit more than $50 a share???
Most rank and file stockholders are sitting on VERY worthless stock. Sort of like Gannett itself.
10:41 is correct. This is a particular dilemma for publishers, general managers, and other senior executives, whose annual pay included a significant amount of stock options, or who out of loyalty to the company, held big chucks of stock long after it was clear Gannett's revenues were in free fall.
ReplyDelete