Gannett's stock traded this morning for $11.55 a share -- setting a new 52-week low before regaining ground, according to Google Finance. Shares more recently changed hands for $11.76, down 26 cents, or 2.2%.
Stocks overall are getting clobbered, as investors fret over new signs of a slowdown in the already weak economic recovery.
Over the past 52 weeks, GCI has traded as high as $18.93 a share -- a benchmark set on Feb. 7, Google Finance says. (Historical stock prices.)
Over the past 52 weeks, GCI has traded as high as $18.93 a share -- a benchmark set on Feb. 7, Google Finance says. (Historical stock prices.)
I see this headline getting repeated many times in the coming quarter. Circ at USAT will take a hit on the Hilton case, regardless of what happens. They'll move away from having USAT "doormats" in front of their rooms eventually.
ReplyDeleteYes, the market is in a snit. The market needs a good cry from time to time and the market is always right about these things. You cannot argue with it. Also, the market loathes and distrusts Obama and that's part of the problem, too. Of course, Mr. Obama runs a nation not a stock portfolio.
ReplyDeleteThe good news: with the recent divy increase, GCI pays you a 2.8 percent yield to wait at a stub price of $11.50. (The math: $0.32 annual payout divided by $11.50 share price equals 2.78 percent.) And how much is that money market account or CD paying you? You do keep track of such things, don't you?
The GCI dividend will, sooner or later, act as support for the share price. Indeed, that is part of its purpose. Smart investors like to get paid to wait and management knows this.
I just heard from Martore that a turn around is just around the corner. Now is the time to BUY. She wouldn't lie to us would she?
ReplyDeleteMartore lie? An absurd suggestion!
ReplyDelete11:46 -- The overall market actually had a slight recovery today ... after dropping for days. Gannett edged even lower. So it's not even keeping pace.
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