Gannett Soars Nearly 40% as Newspaper Stocks Rally
Gannett Co. Inc. (NYSE: GCI) shares spiked by nearly 40% in heavy trading Thursday as the nation’s largest newspaper company led a rally of the battered newspaper sector.
Gannett closed at $3.75, up $1.06 or 39.4%. More than 15.7 million shares traded hands, more than double its average daily volume of 7.2 million over the past three months.
Some of the optimism may have been stoked by the disclosure in a Securities and Exchange Commission filing that Chicago-based Ariel Capital Management had bulked up its stake in Gannett to 12.5%
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