Indeed, GCI closed moments ago at $9.48 a share, down 95 cents, or a whopping 9.1%. The S&P 500 index, a widely watched barometer of overall stock market activity, dove 4.1%, and the better-known Dow Jones Industrial Average tumbled 520 points, or 4.6%, according to Google Finance.
The past month's rout has whacked more than $1 billion off Gannett's market capitalization -- the value of all its outstanding shares multiplied by the stock price. Yet, even at today's $2.3 billion market cap, the company remains the biggest of the six publishers.
How much money has Gannett "invested" in its share buyback program during the past month?
ReplyDeleteHow about updating your chart to reflect the now $9.66 stock price.
ReplyDelete$9.56 now.
ReplyDeleteI was a real Boy Scout. I considered it my duty to buy stock in the company I worked for. And, get this, actually read the product, the paper, the Web site.
ReplyDeleteI saw all the local management just start dumping their stock. I couldn't help that: they'd say so to their staff! Kinda like who would want that guy in your foxhole.
So I kept my stock, believing that the Dubrow types would be short-lived and that employees should support their employer. Surely, their rabbit-out-a-hat incompetence wouldn't last.
Gannett has always in modern times been a bit iffy, but this crew will be out the door... Quaint shit like that, I thought.
Ain't afraid to admit a mistake, though. A huge mistake. I kept my stock as a matter of faith rather than economics.
How perverted is a company where its own employees jettison its stock? Plenty.
I know this is a Gannett blog and all, but DAMNNNNNN look at Lee! How are they going to rejigger their debt before their stock hits zero?????
ReplyDelete$9.48
ReplyDeleteThe velocity of the fall is stinging my face.
Through no special stroke of genius, I sold my McClatchy stock when I left the Mpls Star Tribune after McClatchy sold the paper to a bunch of Wall Street sharks in 2007. It was trading at around $40 at the time. Within two years it was going for 50 cents a share.
ReplyDeleteAs a result of the recent dividend boost -- a step Wall Street hardly applauded -- the yield on GCI at today's closing price has now jumped to 3.4%.
ReplyDelete“We are committed to creating value for our shareholders and believe our stock is an outstanding investment at current price levels,” said Craig A. Dubow. (July 18, 2011; Gannett stock was at $13.01)
ReplyDeleteI really wish he had been forced that day to put his entire life savings into Gannett stock. Then maybe he would think about this company's long-term future.
A year or so ago a troll was claiming what a great investment gci was with a price in the mid $15's. He said "GCI will soon hit $20/share- Bank on it" My response "GCI will hit $10/share before it hits $20. Bank on it". I win. My other call- Maryam will last two years tops. I'm now revising my call- I give her till X-mas. Bank on it.
ReplyDeleteA day closer to the breakup of this misguided Titanic...
ReplyDeleteMaaryam has a fascinating new on the road missive to the troops.
ReplyDelete"At gannett, we have many ecxciting thing going on."
Inspirational!!!!
Could she just stay off the road an get on an actual marketing plan to boost revenue? WTF?
ReplyDeleteGawd. Has it already been a month since the last one?!
ReplyDelete