With Q2 results ahead, GCI shares take a big hit

Gannett is gearing up to issue its second-quarter financial report in about two weeks. But investors aren't showing much early enthusiasm for the report, despite President Gracia Martore's encouraging words only three weeks ago.

The company's stock finished the second quarter at $13.46 a share, based on yesterday's closing price. Yet, like other newspaper shares, GCI's performance was significantly worse than the overall stock market. Gannett shares fell 18.5% during the quarter vs. a much smaller 11.9% decline in the S&P 500 index, a broad measure of stock market activity.

Other newspaper stocks fared even worse. The New York Times Co.'s shares fell 22.3%, while stock in News Corp. -- which owns The Wall Street Journal -- fell 18.6%, according to Google Finance data.

Martore (left), who still holds the chief finance officer's responsibilities, told Wall Street on June 7 that Gannett expected its second-quarter earnings would be at the high end of their forecasts. At the time, they ranged from 47 cents to 58 cents a share. That would come despite still-weak revenues in the company's biggest segment -- newspapers and other publishing operations. Martore said the percentage decrease in those advertising, circulation and other revenues would be in the "low-to-mid single digits."

We'll get a more conclusive answer when the second-quarter financial report is released. Corporate hasn't posted the date for that event, but it will likely be around July 14, based on past history. Update at 11:35 a.m. ET: Corporate now says the earnings report will be released July 16.