NY Times, Gannett: Media Winners

Printing and publishing sector companies Gannett and New York Times were both up around 3.5% on Tuesday as the broader market posted strong gains.
By Theresa McCabe ,

NEW YORK (

TheStreet

) -- Printing and publishing sector companies

Gannett

(GCI) - Get Report

and

New York Times

(NYT) - Get Report

were both up around 3.5% on Tuesday as the broader market posted strong gains.

More than 4.4 million New York Times shares were traded today, up from the average 3-month volume of 3 million, and spiked to an intraday high of $9.90. Shares traded up more than 4% in afternoon trading and closed at $9.76.

The movement in the stock came after New York Times president and CEO Janet Robinson provided investors with an outlook on its new Web site pay model during a presentation at the 38th annual UBS global media conference.

>>NYTimes Preps for Shift to Online Pay Model

Robinson revealed that the company is counting on its projected 10% increase in digital advertising revenue to counter an expected 4% decline in year-over-year print revenue during the fourth quarter.

Gannett rose about 3.8% on Tuesday to an intrad day high of $15.74, before flattening out to around $15.35 in afternoon trading.

Nearly 7 million shares traded hands on Tuesday, compared with the average 3-month volume of 4.3 million.

-- Written by Theresa McCabe in Boston.

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