Thursday, September 22, 2011

Urgent: As foreign stocks plunge, watch GCI today; company's shares now at lowest close in two years

[Updated at 9:07 a.m. ET.]

With less than 30 minutes before Wall Street opens, futures trading suggest another 250-point decline in the Dow Jones Industrial Average at the opening bell, MarketWatch is now reporting.

In pre-market trading, Gannett's stock is down 31 cents, or 3.5%, at $8.64 a share.

Earlier: A day after GCI closed at its lowest point in two years, stocks across Europe and Asia fell sharply in early trading this morning, as investors responded to the U.S. Federal Reserve's latest move to block another recession. That points to another bad day on Wall Street.

Extending opening losses, the Stoxx Europe 600 index sank 3% to 218.76, after closing down 1.7% yesterday, according to MarketWatch.

Meanwhile, Japan's Nikkei Stock Average ended down 2.1%, South Korea's Kospi dropped 2.9% and Australia's S&P/ASX 200 index shed 2.6%, according to The Wall Street Journal. Hong Kong's Hang Seng Index dropped 4.9%, while the Shanghai Composite Index fell 2.8%. In afternoon trade, India's Sensex was down 4.1%.

This morning's trading came after the Dow Jones Industrial Average and the S&P 500 index plunged in the final hour yesterday. Investors reacted to the Fed's warning of sharper risks to the economic outlook. The Dow dropped 284 points, or 2.5%, to 11,125. The S&P fell 2.9%, to 1,167.

Reaction among newspaper investors was mixed. But the New York Times Co. and GCI were hit hardest. NYT fell 7%, to $6.18 a share.

GCI tumbled 6%, to $8.95 a share. That was its lowest closing price since Sept. 14, 2009, when the economy was still deep into the Great Recession, according to Google Finance data. (Spreadsheet shows daily closing prices since Sept. 1, 2009.)


  1. Bidding $8.53, and headed lower, of course.
    Another day, another new 52-week low.

  2. What is the historic low?

  3. 1:07. It got down to about $2 in early 2009.

  4. Thank you, Jim.

  5. Jim uses metal tongs to dig at himself and then to contaminate buffets.


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