Nearest Resistance: $14.50
Nearest Support: $13.50Catalyst: Earnings Newspaper stock Gannett (GCI) is facing a similar fate, albeit under different circumstances. Gannett actually posted positive earnings surprise this morning, turning out profits of 34 cents per share; Wall Street had only expected earnings of 30.9 cents for the first quarter. While newspapers haven't exactly been the hot industry in recent years, the market's reaction to GCI's earnings speaks more to sentiment right now than it does to the firm's results. From a technical standpoint, shares broke down below previous support at $14.50 today, cracking a price level where shares had been readily able to catch a bid for the past few months. As with Mattel, I'd recommend waiting for a more robust support level to get identified before becoming a buyer of this stock. Gannett shows up on a recent list of 4 Value Stocks for the Contrarian Investor.
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