Thursday, Jul 17
Sign of the (End) Times?: Gannett Stock Tanking
A reader suggested that we take a look at the Gannett Co. stock and it's not looking good. Gannett is the largest U.S. newspaper publisher (as measured by total daily circulation), and its assets include USA Today, the Arizona Republic and the Des Moines Register among others. We've pointed out before that Wall St. is not our strongest suit, but a quick glance at the Gannett Blog tells us that following a bad quarterly report (its 2nd quarter net income fell 36%) the company's market value has dropped to $3.8 billion down from nearly $9 billion six months ago. Also, its stock has fallen 7.8% since Tuesday.
The specifics of how this all dovetails into what currently feels like an industry meltdown are unclear to us, (though should you have thoughts and are able to navigate our comments system, please feel free to share), but as with most things we write about these days, it doesn't sound promising.