Gannett shares down 8.3%
Gannett Co. shares were down 8.3% at $13.85 in early morning trading Friday, one of the biggest declines among S&P 500 companies, as investors were unmoved by second-quarter results that revealed its best newspaper advertising results in three years.
Gannett, the largest US newspaper chain, announced on Wednesday that it was slashing its quarterly dividend from 40 cents per share to four cents per share to help pay its debt.