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09/28/20

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Gannett Co. Inc.
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9:42 a.m. Aug. 6, 2020 - By Ciara Linnane
Coronavirus update: U.S. case tally climbs above 4.8 million as Trump contradicts health experts to claim virus will ‘go away’ ‘Anyone can open a school in a pandemic; keeping them open is going to be the challenge,’ says former CDC head Tom FriedenThe number of confirmed cases of the coronavirus that causes COVID-19 in the U.S. rose above 4.8 million on Thursday, a day after President Donald Trump again said the virus would just “go away,” while one of his leading health-care experts said the virus is unlikely to be under control until late 2021.
4:13 a.m. Aug. 6, 2020 - By Tomi Kilgore
Gannett's stock sinks after swinging to loss, revenue rises after acquisitionShares of USA Today parent Gannett Co. Inc. slumped 4.8% in premarket trading to reverse an earlier gain, after the media company reported it swung to a large second-quarter loss after an impairment charge while revenue rose 90%, boosted by the Legacy Gannett acquisition. The net loss was $436.9 million, or $3.32 a share, in the year-ago period, after net income of $2.8 million, or 5 cents a share, in the year-ago period. The results included $394 million goodwill and impairment charge and $66.3 million of depreciation and amortization. Revenue rose to $767.0 million from $404.4 million, as advertising and marketing services revenue grew 74% to $356.9 million and circulation revenue jumped 127% to $342.6 million. The one analyst surveyed by FactSet was expecting revenue of $744.0 million. Digital advertising and marketing revenue totaled $168.8 million, or 22% of total revenue, while digital-only subscribers increased 31% to 927,000. The stock has tumbled 73.8% year to date through Wednesday, while the S&P 500 has gained 3.0%.
Gannett Q2 revenue $767.0 mln vs. $404.4 mln a year ago, boosted by Legacy Gannett acquisition
2:35 a.m. Aug. 6, 2020
USA Today parent Gannett Q2 per-share loss $3.32 vs. EPS 5 cents a year ago
2:32 a.m. Aug. 6, 2020
10:37 a.m. June 15, 2020 - By Tomi Kilgore
New York Times stock surges toward 16-year high as protests provide subscriber boost, analyst saysShares of New York Times Co. shot up 3.3% toward a 16-year high in afternoon trading Monday, after J.P. Morgan said research checks suggest the media company is seeing continued momentum for subscriber growth as a result of the protests over by a Minneapolis police officer. J.P. Morgan analyst Alexia Quadrani reiterated the overweight rating she's had on the stock since April 2018, but raised her price target to $50, which is 19% above current levels, from $42. She said that while growth of monthly active users and mobile app downloads have slowed since the heights of the COVID-19 pandemic in March and April, "recent protests appeared to have contributed to elevated growth for both metrics." Quadrani said the company has succeeded in raising prices on promotional subscribers, with about 690,000 tenured subscribers "graduated" to the higher $17 price point. She also noted that other media companies have suggested that advertising spending bottomed out in April. She also said The stock is on track to close at the highest price since August 2004. It has run up 30.2% in 2020, while USA Today parent Gannett Co. Inc. shares have lost 67% and the S&P 500 has declined 4.9%.
8:15 a.m. May 21, 2020 - Barrons.com
Small-Caps Have Seen More Dividend Pressure Than Large-Caps Some 52 large-cap S&P 500 companies have cut or suspended their dividends this year. But between the mid-cap S&P 400 and small-cap S&P 600, there have been roughly 110 cuts and suspensions.
11:17 a.m. May 7, 2020 - By Ciara Linnane
Coronavirus update: U.S. death toll tops 74,000, as Trump administration shelves ‘too cautious’ CDC guide to reopening Tesla is gearing up to reopen California plant, and retailers Gap and Kohl’s are starting to open their doorsThe number of U.S. fatalities from the coronavirus that causes COVID-19 climbed above 73,000 on Thursday, as President Donald Trump’s administration said it is shelving recommendations from the Centers for Disease Control and Prevention on reopening safely because they were too cautious
3:05 a.m. May 7, 2020 - By Tomi Kilgore
USA Today parent Gannett's stock rises after earnings reported, dividend suspendedShares of USA Today parent Gannett Co. rallied 4.7% after the media company reported a first-quarter loss that widened and revenue that more than doubled, as a result of the New Media Investment Group Inc.'s acquisition of Gannett, which was completed in November. The company said it is suspending its dividend to preserve liquidity amid the economic disruption and uncertainties caused the COVID-19 health crisis. The net loss was $80.2 million, or 61 cents a share, after a loss of $9.1 million, or 15 cents a share, in the year-ago period. Revneue rose 144.8% to $948.7 million. There were not enough FactSet estimates to provide a consensus. On a pro forma basis, revenue would have declined 10.0%, with print advertising revenue down 21.2%, digital advertising and marketing services revenue rose 1.7% and circulation revenue fell 7.5%. "The impact on our business from the pandemic came fast and is significant," said Chief Executive Michael Reed. "We have also moved aggressively to manage through the current economic crisis by taking measures to preserve and increase liquidity and financial performance, including further cost reductions, limits on capital expenditures, and the suspension of our quarterly dividend." The stock has plunged 83.2% year to date through Wednesday, while the S&P 500 has lost 11.8%.
Gannett Q1 revenue $948.7 mln vs. $387.6 mln a year ago
2:53 a.m. May 7, 2020
USA Today parent Gannett Q1 per-share loss 61 cents vs. loss 15 cents a year ago
2:52 a.m. May 7, 2020
8:58 a.m. April 11, 2020 - By Jeffry Bartash
Being furloughed beats a layoff: What it means for millions of suddenly jobless Americans Furloughed workers might retain jobs and still get benefits Scores of workers likely running into the millions have either been furloughed in the past few weeks or soon will be because of an unprecedented closure of the U.S. economy to fight the deadly coronavirus scourge. What is a furlough, how does it affect employees and can they collect jobless benefits?
5:12 p.m. April 7, 2020 - By Ciara Linnane
Coronavirus update: 1.39 million cases globally, 79,091 dead; Wuhan, China, reports zero deaths for first time since January ExxonMobil cuts 2020 capex budget by 30% to combat oversupply and weak demand, while USA parent Gannett adopts poison pillThe Chinese city of Wuhan reported zero deaths Tuesday from the coronavirus that causes COVID-19 for the first time since January, raising hopes that China’s extraordinary containment measures are having an effect and could be reproduced elsewhere.
Gannett's stock in danger of 8th-straight decline; has lost 66.5% over 7-day losing streak
10:34 a.m. April 7, 2020
USA Today parent Gannett's stock falls 0.5% toward record low, pares earlier gains of as much as 48.4%
10:32 a.m. April 7, 2020
Gannett's stock extends surge, rockets 51% in premarket trading off Monday's record low
5:24 a.m. April 7, 2020
3:14 a.m. April 7, 2020 - By Tomi Kilgore
Gannett adopts poison pill, stock soars after closing at record lowUSA Today publisher Gannett Co. Inc. said Tuesday it has adopted a shareholder rights plan, also known as a poison pill, to preserve and protect its tax loss carryforwards from a change in control. The media company's stock soared 28% in premarket trading, after plummeting 67% over the past seven sessions to close Monday at a record low of 67 cents. The company said the rights plan will exercisable if any new investor or group acquires 4.99% or more of Gannett's outstanding shares. Current holders of 4.99% or more will be "grandfathered" in, unless they acquire an additional 0.5% or more of the shares. Gannett said the ability to use its $435 million worth of net operation loss carryforwards (NOLs)could be substantially limited if an "ownership change" was experienced. If the poison pill is exercised, all rights holders will be entitled to buy Gannett stock at a 50% discount. The stock has plunged 89.4% year to date through Monday, while the S&P 500 has lost 17.6%.
Gannett adopts poison pill to 'protect' tax loss carryforwards
2:47 a.m. April 7, 2020
10:59 a.m. April 1, 2020 - By Ciara Linnane
Coronavirus update: 911,308 cases, 44,497 deaths, Americans urged to brace for two painful weeks GM deliveries fall 7% in the first quarter and Home Depot is shutting stores at 6 p.m. The U.S. death toll from the coronavirus that causes COVID-19 rose above 4,000 on Wednesday and financial markets sold off again, after President Donald Trump warned Americans to brace for two painful weeks as the numbers continue to climb.
3:11 a.m. April 1, 2020 - By Tomi Kilgore
Gannett suspends dividend and negotiates with creditors, to cut jobs and executive salariesUSA Today-parent Gannett Co. Inc. said Wednesday it is suspending its quarterly dividend, in an effort to perserve liquidity during the disruption caused by the COVID-19 pandemic. In late February, the media company said it planned to resume paying a quarterly dividend of 19 cents a share. The company said given the COVID-19 related disruptions, revenue is expected to be "significantly impacted" as advertising and events revenue are expected to decline. Gannett said it was looking to cut expenses by an additional $100 million to $125 million through job cuts and furloughs, "significant" pay reductions for senior management and the cancellation of non-essential travel and spending. The company is working with its vendors, creditors and pension regulators to restructure or postpone certain obligations. The stock, which was still inactive in premarket trading, has plummeted 76.8% over the past three months, while the S&P 500 has declined 20.0%.
Gannett to cut costs further through job cuts and furloughs, pay reductions for senior management
2:54 a.m. April 1, 2020
Gannett cut expenses by an additional $100 mln-$125 mln in 2020
2:53 a.m. April 1, 2020
Gannett to suspend quarterly dividend until market conditions improve
2:52 a.m. April 1, 2020
3:00 a.m. Feb. 27, 2020 - By Tomi Kilgore
USA Today parent Gannett swings to a loss while sales rise, dividend announcement expected in MayUSA Today-parent Gannett Co. Inc. reported that it swung to a fourth-quarter net loss of $95.1 million, or $1.05 a share, from income of $13.3 million, or 22 cents a share, in the year-ago period. There was no analyst estimate for net losses, according to FactSet. Sales rose $699.3 million from $416.0 million, boosted by the completion of the Legacy Gannett acquisition in November. There was no analyst estimate for sales. Legacy Gannett same-store revenue fell 10.1% and Legacy New Media same-store revenue declined 9.6%. Digital advertising and marketing services revenue of $231.8 million was 22% of total revenue. The company said it was ahead of schedule in paying down debt, and that it expects to implement measures by the end of the first quarter that will results in over $60 million in annualized savings. Gannett said it will resume paying a quarterly dividend, with the announcement expected in May to be for a dividend of 19 cents a share. The stock, which is still inactive in premarket trading, has dropped 63% over the past 12 months to close Wednesday at a record low, while the S&P 500 has gained 12%.
Gannett expects to resume paying a quarterly dividend in Q1 of 19 cents a share
2:49 a.m. Feb. 27, 2020
Gannett Q4 revenue $699.3 mln vs. $416.0 mln a year ago
2:47 a.m. Feb. 27, 2020
USA Today parent Gannett Q4 per-share loss $1.05 vs. EPS 22 cents a year ago
2:46 a.m. Feb. 27, 2020
11:53 a.m. Feb. 13, 2020 - Barrons.com
Newspaper Publisher McClatchy Files for Chapter 11 Bankruptcy McClatchy obtained $50 million in debtor-in-possession financing from Encina Business Credit.
4:20 a.m. Feb. 7, 2020 - By Tomi Kilgore
New York Times stock soars to 15-year high after earnings beat, dividend hike and debts paid off Shares had best day in over 10 years as the Times achieves goal of doubling digital revenue a year ahead of scheduleShares of New York Times Co. vaulted to a 15-year high Thursday, after the media company reported a fourth-quarter profit that was well above expectations, hiked its dividend by 20% and paid off all its debt.
3:10 a.m. Jan. 6, 2020 - By Tomi Kilgore
USA Today parent Gannett's CFO to leave companyUSA Today parent Gannett Co. Inc. said Chief Financial Officer Alison Engel will leave the company at the end for the first quarter, after more than 4 1/2 years with the company. Engel, who was named CFO in June 2015, is leaving to "pursue other opportunities." The company said Treasurer Mark Maring will lead the finance duties until a new CFO is named. Gannett's stock, which was still inactive in premarket trading, has tumbled 49.3% over the past 12 months while the Dow Jones Industrial Average has gained 22.2%.
Gannett CFO Ali Engel to leave co. after more than 4 1/2 years in the role
3:01 a.m. Jan. 6, 2020
4:14 p.m. Jan. 2, 2020 - MarketWatch
McClatchy freezes some pension benefitsMcClatchy Co., the third-largest newspaper publisher in the U.S. by circulation, has frozen pension payments to some former executives and enlisted the services of a bankruptcy-administration firm as it seeks a government takeover of its retirement plan, the company's chief financial officer said.
2:35 p.m. Nov. 19, 2019 - Associated Press
GateHouse, Gannett merger is official, creating largest U.S. newspaper chain Layoffs expected, but execs say they will try not to slash reporting jobsGateHouse has closed its $1.1 billion takeover of Gannett, promising a $300 million cut in annual costs as it becomes the country’s largest newspaper company by far at a time when print publications are in precipitous decline.
12:19 p.m. Nov. 4, 2019 - By Chris Matthews
Dow soars to first record close since July, joining other major stock indexes at all-time highs McDonald’s shares slide after firing of CEO Steve EasterbrookStocks saw a record finish Monday, amid continued optimism about a near-term U.S.-China trade resolution.
3:08 a.m. Nov. 4, 2019 - By Ciara Linnane
USA Today parent Gannett tops profit estimates but sales fall shortUSA Today parent Gannett Co. Inc. said Monday it had net income of $10.6 million, or 9 cents a share, in the third quarter, down from $13.4 million, or 11 cents a share, in the year-earlier period. Revenue fell to $635.6 million from $711.7 million. The FactSet consensus was for EPS of 4 cents and revenue of $666 million. The company said digital revenue came to 38% of total revenue, while digital advertising and marketing services revenue came to 53% of total advertising and marketing services revenue. "We were pleased to see our ReachLocal segment return to same store revenue growth led by strong gains at WordStream and our local markets," Chief Executive Paul Bascobert said in a statement. "We expect continued improvement within our digital advertising and marketing services revenues as we head into the fourth quarter." The company lowered its full-year revenue forecast to $2.61 billion to $2.63 billion, down from earlier guidance of $2.74 billion to $2.81 billion. Shares were not yet active premarket, but have gained 26% in 2019, while the S&P 500 has gained 22%.
Gannett now sees full-year revenue $2.61 bln to $2.63 bln vs prior $2.74 to $2.81 bln
3:01 a.m. Nov. 4, 2019
Gannett Q3 FactSet EPS consensus 4 cents; revenue $666 mln
3:00 a.m. Nov. 4, 2019
Gannett Q3 revenue $635.6 mln vs. $711.7 mln
3:00 a.m. Nov. 4, 2019
Gannett Q3 EPS 9 cents vs. 11 cents
2:58 a.m. Nov. 4, 2019
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