By: Mark Fitzgerald Shares of Gannett Co. Inc. fell to their lowest level ever Tuesday on heavy trading.
Gannett (NYSE: GCI) closed at $4.96, the first time its share price has gone below $5 in its more than 23 years as a publicly traded company. Gannett declined 35 cents a share, or 6.59%, in Tuesday's session.
More than 14.3 million shares -- including a trade of 1.19 million shares minutes before the closing bell -- traded hands Tuesday, nearly three times the average volume of the past three months.
Investors have had plenty of bad news about Gannett in recent days. In addition to reporting declining revenue for the fourth quarter of 2008, Gannett said last Friday that it would take an impairment charge on declining goodwill that could be as high as $5.9 billion.
Two major credit ratings agencies also warned they may downgrade the USA Today publisher's debt below investment grade, an action that could make its cost of borrowing higher and would shut it out of certain sources of financing.
More details on Gannett's stock performance, and on an analysts report out Tuesday on the stock are posted at E&P's business-oriented blog
Fitz & Jen blog
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