[Updated at 4:32 p.m. ET with closing prices.]
Investors gave Gannett's stock the cold shoulder, despite this morning's surprise announcement that the board of directors has doubled the dividend amid a second-quarter earnings release.
With overall markets tanking, GCI closed this afternoon at $13.01 a share, down 47 cents, or 3.5%, according to Google Finance. Other newspaper publishers' stocks sank, too.
Both the widely-watched S&P 500 index, which measures broader market activity, and the better known Dow Jones Industrial Average, fell nearly 1%. Observers are citing EU debt and U.S. deficit-reduction worries.
Earlier, GCI shares were up as much as 2%.