[Updated at 4:25 p.m. ET with final closing prices.]
Gannett's stock finished 2012 up 42%, the second-best performance of seven major U.S. newspaper publishers, according to Yahoo Finance data that reflects dividend payments. (Spreadsheet gives figures for all seven companies.)
GCI closed the year at $18.01 a share, up 40 cents for the day, as markets rallied on prospects for a deal in Washington to avoid full effects of the deep spending cuts and steep tax rate increases known as the fiscal cliff.
No. 1 among the seven publishers was Lee Enterprises, which ended the year up 63%, at $1.14.
Closely watched stock indexes finished the year higher, too. The Dow Jones average of 30 industrial stocks rose 6.9%, ending at 13,061. The S&P 500: up 13% at 1,422. And the tech-heavy Nasdaq had the best performance, jumping 16% to 3,012.
GCI's strong year reflects optimism over the newspaper paywalls erected across the 81-title U.S. community newspaper division. Management is forecasting $100 million in operating income from average 25% print subscription price increases imposed with the paywalls.
Gains also stem from a moderating in the decline of advertising revenue, plus a strengthening in the job market, which benefited CareerBuilder, the GCI-controlled employment site.
As well, 2012 was the first full year since Gracia Martore was promoted to chief executive officer, in October 2011, after Craig Dubow's early retirement for medical reasons.
GCI closed the year at $18.01 a share, up 40 cents for the day, as markets rallied on prospects for a deal in Washington to avoid full effects of the deep spending cuts and steep tax rate increases known as the fiscal cliff.
No. 1 among the seven publishers was Lee Enterprises, which ended the year up 63%, at $1.14.
Closely watched stock indexes finished the year higher, too. The Dow Jones average of 30 industrial stocks rose 6.9%, ending at 13,061. The S&P 500: up 13% at 1,422. And the tech-heavy Nasdaq had the best performance, jumping 16% to 3,012.
GCI's strong year reflects optimism over the newspaper paywalls erected across the 81-title U.S. community newspaper division. Management is forecasting $100 million in operating income from average 25% print subscription price increases imposed with the paywalls.
Gains also stem from a moderating in the decline of advertising revenue, plus a strengthening in the job market, which benefited CareerBuilder, the GCI-controlled employment site.
As well, 2012 was the first full year since Gracia Martore was promoted to chief executive officer, in October 2011, after Craig Dubow's early retirement for medical reasons.
Big f'ing deal. Doesn't out any money in my pocket. Though I'm sure the execs are dancing around getting ready to unload more shares to make millions. That's what it's all about. Right?
ReplyDeleteYes, creating value for shareholders is what it's all about — duh.
DeleteCongratulations on finally reaching adulthood.
So glad to see the salary they used to pay me is making a difference.
ReplyDelete