Gannett's stock closed at $13.17 a share today, down 33 cents, or 2.4%, after a UBS media stock analyst began tracking GCI, and rated it a discouraging "hold."
In a note to investors today, according to trade publication Editor & Publisher, analyst John Janedis issued an even more negative "sell'' rating on shares of the New York Times Co. NYT closed at $7.97 a share, down 47 cents, or 5.6%.
"We think the cyclical recovery in newspaper advertising has somewhat obscured the reality that in a more normalized ad environment, newspapers will still witness declines in ad growth," Janedis wrote, according to E&P's report.
Earlier in the day, GCI traded as low as $12.98 a share. Based on today's closing price, it's up 35.2% from a year ago vs. a smaller 7.1% gain in the S&P 500 index, according to Google Finance. Over the past 52 weeks, GCI has traded as low as $9.16 and as high as $19.69.
Earlier: As GCI tumbles, a growing squeeze on "comps"
Tuesday, September 21, 2010
1 comment:
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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Bend over, 401(k)! Please, Craig, make it go back up to $20. I'll sell this time, I promise!
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