Monday, August 08, 2011

Urgent: GCI dives 7% at close, in market meltdown

[Updated at 5:28 p.m. ET with closing prices.

Gannett's stock closed at $10.06 a share today, down 74 cents, or 6.9%, as major stock indexes plunged, dragging down newspaper stocks across the board.

Today's was GCI's lowest closing price since Dec. 3, 2009, when shares finished the day at $9.85, according to Google Finance. (Graphic shows GCI prices over past two years.)

Earlier today, the company's stock traded as low as $9.94 a share, setting another new 52-week low.

Markets overall took a deep, deep dive in the first trading since Standard & Poor's downgraded U.S. debt. The Dow Jones Industrial Average plummeted 635 points, or 5.6%, closing at 10,810. The S&P 500 index fell an even steeper 6.7%.

Closing prices of select newspaper publishers:
Over the past 52 weeks, GCI has traded as high as $18.93 a share -- a benchmark set on Feb. 7, according to Google Finance. (Historical stock prices.)

9 comments:

  1. Thanks Jim for showing the competitive stocks as well. Provides perspective.
    Wow, Lee is done.
    The entire country is now in serious decline.

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  2. Greed drives the stock market. Just a matter of time before people start gobbling up these now cheap stocks.

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  3. 12:32 p.m.: People will gobble up cheap stocks unless the reason they're cheap, as in Lee's case, is that they're about ready for bankruptcy, which would wipe out shares' value. Wonder about McClatchy, too.

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  4. I'm going shopping for stocks as soon as I see the large investors start buying.

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  5. The entire country is going to pot.

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  6. The entire world is going to pot.

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  7. McClatchy outsourced their customer service operation oversees several years ago. They are trying to fight back by bringing customer service back to the States. Should be underway by Q1 of 2012 tho they'll be using a variety of third party vendors with centers located in multiple states.

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  8. Let them die let them die oh let those papers die. Dee Dum Dee dum dee dah.

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  9. GCI hit a new 52-week low today: $9.94.
    Gee, Dubozo could almost buy a million shares at that price, just with what he made last year.

    Pretty soon I suspect I'll be able to do the same...ouch!

    ReplyDelete

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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