By: Jennifer Saba For those confident the proposed $700 billion bailout plan would finally get passed in Congress today had their hopes dashed. News that the House rejected the plan came mid-day sending the Dow south 6.9% or more than 700 points at close on Monday.
Many newspaper stocks followed the leader -- but on very light trading. Gannett (NYSE: GCI) and Media General (NYSE: MEG) shed the most. GCI lost 6.4% or $1.18 closing at $17.02. MEG was down 69 cents closing at $12.01 losing 5.4% of its value.
Other newspaper companies were down today though not as bad:
* New York Times (NYSE: NYT) lost 3.5% or 53 cents closing at $14.39
* A.H. Belo (NYSE: AHC) declined 3.6% or 19 cents closing at $5.00
* Journal Communications (NYSE: JRN) lost 5.3% or 28 cents closing at $5.00
* E.W. Scripps (NYSE: SSP) decreased 3 cents (-0.4%) closing at $7.45
* The Washington Post (NYSE: WPO) shed 4.1% or S23.58 closing at $540.00
For more go to the new
Fitz & Jen blog.
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