Media: GateHouse shares plummet 13.4%
Wow. From Editor & Publisher:
Pink Sheets, Here We Come? GateHouse Shares Fall Below $2
CHICAGO Shares of GateHouse Media Inc. fell below $2 Thursday, plummeting more than 13% on the day.
GateHouse (NYSE: GHS) closed at $1.81, down 28 cents, or 13.4%. Its previous low had been $2.09. In the past year, it has traded as high as $19.00.
Newspaper stocks were generally down across the sector, but far more modestly.
July 10th, 2008 at 6:33 pm
The dividend is .$80 or 36.40% of today’s close. Do you think they will pay it? By the looks of things, most people don’t think so.
I have updated my yahoo.com homepage with GHS just to watch it crash and burn completely to the ground in the next couple of weeks. . The papers live by crash and burn stories and now it is their turn on the front page. Sad in that it is going to impact a lot of friends here in Central Illinois
Last Trade: 1.81
Trade Time: 4:01PM ET
Change: Down 0.28 (13.40%)
Prev Close: 2.09
Open: 2.08
Bid: N/A
Ask: N/A
1y Target Est: 3.00
Day’s Range: 1.76 – 2.12
52wk Range: 2.09 – 19.00
Volume: 339,779
Avg Vol (3m): 274,603
Market Cap: 105.23M
P/E (ttm): N/A
EPS (ttm): -4.97
Div & Yield: 0.80 (36.40%)
July 10th, 2008 at 7:44 pm
OK, everybody check your zippers. Your Schadenfreude is showing. There’s nothing good about what’s happening.
I still think the Journal Star is a quality property, and I hope what’s left of a great institution can survive and, maybe, flourish again.
July 10th, 2008 at 8:13 pm
The people who work at the PJS are capable of producing quality journalism. But I’ve seen this before. Hell, I’ve experienced this. As the company tanks, enthusiasm levels drop and and the work becomes perfunctory.
I’m NOT gleeful about this.
Peoria needs a vital daily newspaper.
July 11th, 2008 at 3:20 am
[...] Gatehouse Media, owner of the Journal Star and the Times-Observer, is losing money hand over fist, Billy Dennis informs us. This is bad news for Peoria. I hope they get the ship righted, or else sell off our newspapers to a company that will manage them better. [...]
July 11th, 2008 at 11:55 am
down 22 cents more by noon on 07/13/08 – trading at $1.59. I said weeks in my above posting, now it looks like days.
The Boston area is where Gatehouse has the biggest imprint and also where the it is taking a huge hit on ad revenue. But PIA is on the team. The only hope in PIA is to be sold/traded SOON! Very Sad.
July 11th, 2008 at 1:13 pm
A slew of people at the paper will be very happy if they never have to hear the word “GateHouse” again.
July 11th, 2008 at 5:38 pm
[...] closed at $1.81 just [...]