[Updated at 5:38 p.m. ET with more closing prices.]
It was a terrible final minutes on Wall Steet overall. The Dow Jones Industrial Average fell 284 points, or 2.5%, to 11,125. The S&P 500 index tumbled 2.9%.
Earlier today, Gannett's stock traded at a new 52-week low: $8.94 a share, Google Finance says.
Other newspaper publishers' shares were mixed. Closing prices of major publishers:
It was a terrible final minutes on Wall Steet overall. The Dow Jones Industrial Average fell 284 points, or 2.5%, to 11,125. The S&P 500 index tumbled 2.9%.
Earlier today, Gannett's stock traded at a new 52-week low: $8.94 a share, Google Finance says.
Other newspaper publishers' shares were mixed. Closing prices of major publishers:
- Gannett: $8.95, down 5.9%
- Lee: 82 cents, up 0.6%
- Media General: $1.96, up 2.1%
- McClatchy: $1.35, down 1.5%
- New York Times Co.: $6.18, down 6.9%
- E.W. Scripps: $7.06, down 5.6%
The NYT's closing price also was a record 52-week low, Google Finance says.
For all the mergers and acquisitions that have taken place this year and are pending, it amazes me that Gannett hasn't put itself into play. If Dumbow and the Board are waiting for GCI's stock price to rebound to some unrealistic price before demanding a premium, it's way too late for that. Should have done that at $17 back in February. This company is a fire sale waiting to happen, folks. The price-earnings multiple suggests the stock's a bargain, but, more important, tells us that the world regards it as a 1995 model cell phone. Gannett should hire an investment banking adviser and solicit bids from anyone and everyone. Does someone at HQ happen to know if management is at least talking with investment bankers about going this route?
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