Finally GCI is again near analyst upgrade price hits $14.77 low
Wednesday, December 23, 2009 Newspaper Stocks Up on Wells Fargo Upgrades
Shares of several newspaper stocks got a boost Wednesday after Wells Fargo analyst, John Janedis upped the sector’s rating.
Shares of newspaper stocks like the New York Times Co. (NYT), Gannett Co. (GCI) and McClatchy Co. (MNI) finished the day higher after Janedis upgraded Gannett from underperform to outperform, and boosted New York Times Co. to a market perform rating from underperform, according to MarketWatch.
Janedis cited sources who spoke of “rapid improvement” in newspaper advertising sales at the New York Times and the Wall Street Journal, which is owned by News Corp. (NWSA), the parent company for FOX Business, from October to December, and he predicted a quicker-than-expected turnaround for the sector.
Shares of the New York Times Co. rose 9.7%, or $1.07, in Wednesday session to close at $12.10 a share. Gannett closed up $1.01, or 7%, finishing the session at $15.42, while shares of the McClatchy Co. rose two cents, or half a percent, to $3.57 a share.
2010 will be the year when Large caps outperform.