Gannett shares plunge 11%, closing below $10

Gannett’s stock closed moments ago at $9.31, down 11.2%, as Wall Street investors bid down shares overall amid growing concerns about corporate profits. GCI reports third-quarter earnings Friday morning. The widely watched S&P-500 Index fell a whopping 6.1%.

The company’s stock performance today was the worst among newspaper publishers I follow. Plus, at today’s closing price, the yield on Gannett’s shares has now climbed to a difficult-to-sustain 17.2%. Remember: Corporate hasn’t ruled out a dividend cut.

Please post your thoughts in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green sidebar, upper right.

[Image: Google Finance]

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11 Responses to “Gannett shares plunge 11%, closing below $10”

  1. Anonymous Says:

    Geez – the quarterly results are not officially out yet. Hey directors, how low ya gonna let it go? How many families are you going to ruin? How many jobs are you going to plow asunder while the team without a clue is at the helm.

  2. Anonymous Says:

    DIVE BABY DIVE! RIGHT INTO THE GROUND. Craig Debow, garbage man. LOL,LOL,LOL .

  3. Anonymous Says:

    What are GCI employees getting for Christmas? Pink slips or $2 Gannett stock.

  4. Anonymous Says:

    Wow, remember April, 2004? $90/share.

    Remember February, 2005? $80/share.

    Remember September, 2005? $70/share

    March, 2006? $60/share.

    July, 2007? $50.

    October 2007? $40.

    March of this year? $30.

    August? $20.

    October? $10.

    In December, Gannett will be fighting with McClatchy ($3.12) for the title of Most Valueless Stock.

    We’re on our way!

  5. Anonymous Says:

    I’ve increased my production by significant double-digits every year for the past four years. This year, I got a 2-something percent raise for my hard work.
    During the same period the board presiding over this company lets its stock go down 80%.

    Who do you think should be getting the golden parachutes?

  6. Anonymous Says:

    The market is pricing into stock’s values the expectation that Obama will be elected. That’s how the market works. Explanation at:
    http://en.wikipedia.org/wiki/Discounted_cash_flow

    Not that this is why GCI is down $80, but it explains the very recent plunge.

  7. Anonymous Says:

    $9.30 close.
    Will the last one out please turn off the lights?

  8. Anonymous Says:

    The £s huge decline against the $ today will also be playing on the markets mind, further diluting Newsquest’s (converted $) profits.

  9. Anonymous Says:

    Maybe Gannett is hoping to get in on the Goverments bailout program?

  10. Anonymous Says:

    5:01

    I think the auto industry has dibs on that.

    As for everyone else. Work everyday like your next job depends on it. Do your best at what you do and you will be rewarded. Every employer outside Gannett knows how hard you all work. They also know it is Gannett’s fault and not yours for the problems that have arose. Even though your managers will tell you it is cloudy outside it is actually very sunny.

  11. Anonymous Says:

    Imagine what a wonderful local local story addition this could have been when the Indy Star wrote about Gannett’s plans for a tax abatement and state grant support for the service center. Had they included the fact that the company’s higher ups were getting millions, while seeking support from tax money, readers would have clicked and commented like crazy! Local local coverage doesn’t have to be all chicken dinners and chamber stuff. I don’t think Gannett quite gets it.

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