Gannett Stock Hits 18-Year Low

Posted Wednesday, October 22, 2008 12:00 am

By: Mark Fitzgerald On a bad day for newspaper stocks, shares of Gannett Co. (NYSE: GCI) sank Wednesday to their lowest price in 18 years.

Gannett tumbled 11.25% during the session, shaving $1.18 off its share price to close at $9.31 a share. It price, adjusted for splits and dividends, hasn't been that low since October 1990.

Gannett is scheduled to release its third-quarter results on Friday morning. Based on the weak revenue figures already released by The McClatchy Co. and Media General, Wall Street is clearly not expecting good news from the nation's largest newspaper publisher.

Shares of The New York Times Co. and Media General hit new 52-week lows Wednesday.

More details are available on E&P's business-oriented blog, "Fitz & Jen Give You The Business." Fitz & Jen blog

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Gannett Stock Hits 18-Year Low

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