By: Mark Fitzgerald
Gannett Co. (GCI) couldn?t have had a better start to Friday, reporting Q1 results that beat analysts expectations and watching shares soar not just to a new 52-week high, but a price it hadn?t matched since Aug. 15, 2008. But then the Dow melted down on news of the SEC?s civil suit against Goldman Sachs.
GCI actually closed on the downside. And ironically, most newspaper sector stocks held nearly all the gains they made in the Friday morning rally Gannett kicked off.
A.H. Belo Corp. (AHC) and The McClatchy Co. both set new 52-week highs during the session and closed within a few cents of the highs. Lee Enterprises (LEE) didn?t quite hit a new high, but kept its jump of 7.7% to the close as it gained 31 cents to $4.35. AHC was as high as $8.39 before closing at $8.37, a gain of 38 cents or 4%. MNI established a high of $6.77 and closed at $6.45, an increase of 42 cents, or 7%.
Volume was heavy across the sector and particularly frenetic for GCI, with 17.4 million shares trading hands, more than triple the three-month average. GCI ended down 10 cents, or 0.6%, at $18.04. GCI?s new 52-week high is $19.69, hit a little before 10 a.m.