[Updated at 7:02 a.m. ET on Oct. 9: Shares closed even higher by the end of the day, to $13.60, up $1.01, or a whopping 8%.]
Gannett's stock traded recently for $13.31 a share, up 80 cents, or 6.4%, on above-average sales volume. Nearly 4 million shares have changed hands, trading as high as $13.54 earlier in the day before settling back. The rally comes a week before GCI is scheduled to release third-quarter financial results, Oct. 15; I'm not sure whether that's a factor in today's price jump, however.
Friday, October 08, 2010
8 comments:
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Actually, it's up more than that since Jim posted this. High so far, with five minutes left in the tradig day, was $13.76 -- up more than a dollar. In fairness, it should be said that the markets are experiencing a good day overall. Only news I could find that might have helped trigger this is an article, apparently favorable, at The Street Dot Com, the website run by CNBC screamer Jim Cramer, which I didn;t see because it's behind a paywall. And this from the very influential Wall Street Journal:
ReplyDeleteNews Outlets Circle Tablet
Newspapers, Magazines Plan Apps for the Samsung Galaxy, Hedging on iPad
By RUSSELL ADAMS And JESSICA E. VASCELLARO
Several major news organizations are lining up behind a new tablet device from Samsung Electronics Co. built on Google Inc. software, in order to broaden mobile readership beyond owners of Apple Inc. popular iPad.
New York Times Co. and News Corp.'s Wall Street Journal will offer software applications for Samsung's Galaxy Tab, which goes on sale later this year, according to people familiar with the matter. Gannett Co.'s USA Today also is developing a software application, the publisher said.
<DELETE?
A stock market convinced that there's a profitable digital future is all that's standing between GCI at ~$13 and GCI ~$30. But I expect to be shouted down by the company detractors, as my pro-GCI stock comments generally are.
Bulls make money, bears make money, soreheads get heart disease.
CI – Gannett Co., Inc. – Call options on the publishing giant are in high demand today with shares of the underlying stock rising as much as 8.3% to an intraday high of $13.64. Gannett’s shares took off after the Wall Street Journal reported the company, along with the New York Times and News Corp., are looking to offer software apps for Samsung’s Galaxy tablet. Investors have thus far exchanged more than 6.25 calls on the stock for each single put contract in play as of 3:15 pm ET in New York trading. Near-term bullish players picked up some 5,300 now in-the-money calls at the October $13 strike for an average premium of $0.58 a-pop.
ReplyDeleteWall Street loves the news of USAT layoffs.
ReplyDeleteZ-Z-Z-Z-Z-Z-Z-Z-Z-Z-z-z-z-z-z-z-z
ReplyDeleteRumor on the street is Saridakis is coming back and taking over Craig Dubow's job.
ReplyDeleteThat would-be great Anon 9:31p. Bring back Saridakis!!!
ReplyDeleteThe shares popped up due to rumours that the progress on debt reduction make it increasingly likely that GCI will up its dividend payments in the not too distant future.
ReplyDeleteAlso, it was a strong week in general. Today's market optimism quickly turns to tomorrow's pessimism. I'd like to see a little more of a story and staying power. Perhaps 3:59 p.m. could elaborate on the digital future from an earnings point of view, including effects of print advertising and circulation revenue trends.
ReplyDelete