Why Gannett Stock Soared 18% Today
Shares of newspaper publishing company Gannett (NYSE: GCI) gained 18.2% through noon ET on Thursday after missing on sales -- but beating on earnings -- last night.
Analysts had pegged Gannett for $744.5 million in Q4 revenue and a profit of $0.16 per share. In fact, Gannett reported this morning that while its quarterly sales were only $730.7 million, profits came in at a robust $0.24 per share -- 50% better than Wall Street had predicted.
In fact, the news was even better than that. Gannett's Q4 profit was the company's first quarterly profit after four straight quarters of losses, and only its third such profit out of the past 10 reported quarters.
Source Fool.com
