Friday, June 04, 2010

Urgent | GCI shares dive 7%, pacing markets

(Updated with closing prices.) The company's stock closed today at $13.73 a share, down $1.12, or 7.5% -- a steeper decline than overall market indicators. The Dow Jones Industrial Average ended the day down 323 points, or 3.2%, and the S&P 500 index was down 38 points, or 3.4%. (Historical prices.)

The Wall Street Journal said: "A weak reading of private-sector job growth in the U.S. and fresh worries about the euro-zone economy sparked broad selling in stocks and solid gains in Treasurys and the dollar as investors went on the defensive."

10 comments:

  1. The feared double-dip is here, and it is going to be back to furloughs and staff cuts before too long. I think this company is in very fragile shape and cannot sustain much more in the way of cost-cutting.

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  2. Rumors abound at Crystal Palace that more furloughs and staff cuts are well indeed on the way as top management continues to keep stuffing its pockets.

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  3. Ah, the pro-Jim drones, trying to sound as if they know what they are talking about and trying to scare people.

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  4. Thanks for stopping by, Robin and Gracia, as you watch that stock drop.

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  5. Saradikas cashed out when the stock was high. Just shows how brilliant this guy was, and how much we miss his input.

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  6. Poor jobs growth in private employment is bad for papers because it suggests weakness in companies. That may signal trouble for their advertising budgets. And.....

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  8. Saradikas or his extremist fan strikes again with a praiseworthy post. If he was so great he wouldn't have fled.

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  10. haha its because of the overall market not by poor gannett balance sheet

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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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