[Updated at 5:37 p.m. ET.]
Gannett's shares closed at $9.52 today, down 3.3%, but not before hitting a new 52-week trading low after securities firm UBS downgraded expectations for the company's shares. UBS lowered its price target to $10 from $14 after cutting its growth projection for the print advertising industry.
Earlier today, GCI traded for as little as $9.15 a share vs. the previous 52-week low, $9.45, set a month ago. GCI's 52-week high: $18.93, set in mid-February. With the exception of E.W. Scripps, all major newspaper publishers fell.
On a roller-coaster day for broader markets, the S&P 500 index and the Dow Jones Industrial Average both ended the day bout 1% higher.
Earlier: European stocks nosedived nearly 2% this morning, pointing to another stomach-churner in U.S. markets after Gannett's shares approached 52-week lows on Friday.
Greasing today's skid
Greece's growing debt crisis is stoking fears of a double-dip recession, adding pressure on Wall Street stock analysts to significantly reduce media-company earnings estimates for the rest of 2011 and 2012.
"Ad spending usually is one of the first items to get cut in a downturn," The Wall Street Journal said today in its widely read Heard on the Street column.
Citing weaker macroeconomic data, the WSJ says, Barclays Capital last week halved its 2011 projection for U.S. advertising growth to 1.4% and sliced its 2012 estimate to 4% from 5.2%. The firm projected print media would be most affected and online and TV advertising would be "most resilient."
Analysts' estimates for GCI have held steady for more than 30 days now. The company is expected to report third-quarter financial results in mid-October.
Friday, GCI's stock traded within 10 cents of its 52-week low. It closed at $9.84 a share, down fractionally as it continues to lead major newspaper publishers lower. (GCI historical prices.)
The Big Board
Closing prices of other publishers vs. their 52-week trading lows:
Gannett's shares closed at $9.52 today, down 3.3%, but not before hitting a new 52-week trading low after securities firm UBS downgraded expectations for the company's shares. UBS lowered its price target to $10 from $14 after cutting its growth projection for the print advertising industry.
Earlier today, GCI traded for as little as $9.15 a share vs. the previous 52-week low, $9.45, set a month ago. GCI's 52-week high: $18.93, set in mid-February. With the exception of E.W. Scripps, all major newspaper publishers fell.
On a roller-coaster day for broader markets, the S&P 500 index and the Dow Jones Industrial Average both ended the day bout 1% higher.
Earlier: European stocks nosedived nearly 2% this morning, pointing to another stomach-churner in U.S. markets after Gannett's shares approached 52-week lows on Friday.
 |
| A one-euro coin |
Greece's growing debt crisis is stoking fears of a double-dip recession, adding pressure on Wall Street stock analysts to significantly reduce media-company earnings estimates for the rest of 2011 and 2012.
"Ad spending usually is one of the first items to get cut in a downturn," The Wall Street Journal said today in its widely read Heard on the Street column.
Citing weaker macroeconomic data, the WSJ says, Barclays Capital last week halved its 2011 projection for U.S. advertising growth to 1.4% and sliced its 2012 estimate to 4% from 5.2%. The firm projected print media would be most affected and online and TV advertising would be "most resilient."
Analysts' estimates for GCI have held steady for more than 30 days now. The company is expected to report third-quarter financial results in mid-October.
Friday, GCI's stock traded within 10 cents of its 52-week low. It closed at $9.84 a share, down fractionally as it continues to lead major newspaper publishers lower. (GCI historical prices.)
The Big Board
Closing prices of other publishers vs. their 52-week trading lows:
- Lee: 0.62 cents (vs. 58 cents)
- Media General: $1.98 ($1.75)
- McClatchy: $1.45 ($1.40)
- New York Times Co.: $7.18 ($6.47)
- E.W. Scripps: $7.25 ($7.01)
Will be trading in the $8's shortly...textbook incompetence. Maybe Shalalalalalala can come back after Miami bounces her for their scandal?
ReplyDeleteWord verification (I kid you not): dopes!!!
I asked my broker what he thought of my Gannett stock - he didn't smile, he laughed. SELL, SELL, SELL. He told me at my age, better find a new job as I will never survive until retirement.
ReplyDelete