Gannett stock: woof, woof!

Dateline: Mon 31 Dec 2007

This breaking news just in from Gannett Blog:

"In a damning Wall Street referendum, Gannett shares just closed at $39, down 35% from a year ago, Google Finance says on this, the last trading day of 2007. The nation's top newspaper publisher now holds the dubious distinction of having the year's second-worst performing stock among major publishers I track. (McClatchy was the worst.)"

Ouch. Gotham City Editor says it is hard not to see Gannett stock continuing to dive, given the company's resistance to breaking up the corporation. That may mean more job cuts in 2008, so I hope that would forecast buyouts and not layoffs, altho there are not many left to buy out at the Star.

I don't give financial advice, but I dumped my Gannett stock a year or so ago on general principle. My broker agreed that newspapers are not where the action is, and better investments are there to be made. In the past, however, I've always believed in owning shares in the company for which one works, whenever it's at all reasonable. With Gannett, it's not.


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