By: Mark Fitzgerald
Shares of Gannett Co. (NYSE: GCI) soared in early trading Friday as Wall Street cheered its first-quarter results of a doubled profit and moderating revenue declines.
Gannett hit a new 52-month high of $19.34, the highest the stock has sold since mid-August 2008. At 10 a.m. EDT, Gannett stock was trading at $19.28, an increase of $1.14, or 6.3%, from the open.
Gannett?s results handily beat analysts expectations with earnings, excluding special items, of 50 cents a share. Analysts expected adjusted earnings of 41 cents.
Other newspaper stocks rose on Gannett?s news. The McClatchy Co. (NYSE: MNI) hit a new 52-week high in early trading. At about 10 a.m. MNI was trading at $6.42, up 38 cents, or 6.3%. Lee Enterprises (NYSE: LEE) jumped 5% on a 21-cent increase to $4.25