With just two weeks left in the year, Gannett's stock is on track to turn in the least-worst performance of six major newspaper publishers I follow, according to Google Finance's latest data. GCI recently traded for $12.78, down about 15% so far this year.
So long as GCI trades for under $15 a share, hundreds of thousands of stock options granted to senior executives this year and in 2010 are worthless. They represent a serious chunk chuck of their annual pay.
Moreover, falling prices renew pressure on the top brass to find ways to shore up shares, typically through cost-cutting such as the new round of first-quarter furloughs and always-possible layoffs.
Following are today's recent trading prices and year-to-date performances of those six publishers vs. the S&P 500 index and the Dow Jones Industrial Average. In this group, only the Dow is up YTD.
Moreover, falling prices renew pressure on the top brass to find ways to shore up shares, typically through cost-cutting such as the new round of first-quarter furloughs and always-possible layoffs.
Following are today's recent trading prices and year-to-date performances of those six publishers vs. the S&P 500 index and the Dow Jones Industrial Average. In this group, only the Dow is up YTD.
- Gannett: $12.78 a share; down 15.2%
- Lee: 69 cents; down 71.9%
- Media General: $4.08; down 29.4%
- McClatchy: $2.14, down 54.2%
- New York Times Co.: $7.54; down 23.1%
- E.W. Scripps: $7.78; down 23.4%
- S&P: down 3.4%
- Dow: up 2.5%
Oh my gosh what a biased headline and first paragraph. I mean you've been subtly biased before but this??? I'm smelling another Mirror Award. But you were looking fir this reaction when you wrote it.
ReplyDeleteThe headline now reads, GCI bests weak pack (instead of "leads.")
ReplyDeleteOtherwise, please tell me how I can write any more positively about Gannett's shares being down 15%.
He's one of those corporate posters jumping over from the main thread. Nothing will make him happy.
ReplyDeleteJim you need a copy editor. You just can't help yourself. Heh all you NYT fans 23.1% down????? You must be so depressed.
ReplyDeleteCorporate posters out in force today.
ReplyDeleteJim - every single one of their posts should remind you that what you're doing here is valuable and needed. This blog scares the shit out of them. Keep up the good fight.
4:23 - right on!
ReplyDelete4:01 In the new, low-cost publishing world, readers are now the copy editors.
ReplyDeleteSo anyone who disagrees with 4:23 is a corporate poster. So much for free speech. I am for fair speech, you should try it. By the way Jim "Corporate Poster" now appears to be code for one of your banned terms. Anyone who voices an opposing view us a CP.
ReplyDeleteDon't worry about management's paychecks this year, Jim. The board is doling out more cash and more shares this year. Options don't matter as much. Why create risk for our gard working executive team?
ReplyDeleteKa Ching !
Hey Jim, don't forget Gatehouse's stock performance
ReplyDeleteI think you meant serious chunk, Jim.
ReplyDeleteAlthough when I read about CD's exit package, I did hurl a serious chuck!
I'd like to thank Phoenix for giving us the Deal Chicken, whose massive revenue influx has allowed us to suck just a bit less than our contemporaries.
ReplyDeleteIs there any way to figure out what our stock price could have been if we left the doors open in Detroit, keys in the ignition? "Steal this newspaper, PLEASE!"
layoffs and furloughs = higher stock prices
ReplyDelete