Monday, February 04, 2013

Urgent: GCI shares tank 7% on Q4 earnings report

Gannett's stock just closed at $18.51, down $1.33, or 6.7%, despite the company's reporting better-than-expected financial results for the fourth quarter. Shares had traded even lower, falling to $18.38 at one point, according to Google Finance data.

That places the shares well below their recent trading high of $20.61, set less than two weeks ago.

GCI's plunge came as overall stocks dived. The Dow Jones Industrial Average ended the day at 13,880, down 130 points, or nearly 1%. The broader S&P 500 index close at 1,496, down 17 points, or 1.2%.

Other major newspaper publishers fell, too. Shares of the New York Times Co. closed at $8.34, down 6%; McClatchy, $3.04, off 3.5%, and Lee Enterprises, $1.22, down 3.9%.


  1. I pulled all money from Gannett stock last week, and every dime out of the stock market last Friday. There is absolutely no economic reason for Gannett to be this high, let alone the entire stock market.

    Unemployment climbed, GDP was negative in Q4, and every time gas spikes above $3.50, people stop shopping and travelling. It's time for a correction.

  2. Net Earnings were down in part to restructuring. Not a good forecast for next year. I have been saying all along it's fine to offer digital subscriptions but they shouldn't have abandoned their customer service on the Print side.


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