NY Times, Gannett: Media Winners
NEW YORK (
) -- 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.
>To contact the writer of this article, click here:
Theresa McCabe
.
>To follow the writer on Twitter, go to
.
>To submit a news tip, send an email to:
.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.