NEW YORK (TheStreet) -- Shares of Gannett (GCI) were soaring 9.4% to $8.50 in pre-market trading on Tuesday after the company said it has decided not to pursue an acquisition of newspaper company Tronc (TRNC).
Last week, Bloomberg reported that banks financing the possible deal had backed out.
Gannett is a McLean, VA-based media company that owns USA Today and more than 100 daily newspapers. Tronc owns the Los Angeles Times, the Chicago Tribune and other publications.
Shares of Tronc were plunging 29.26% to $8.51 in pre-market trading today.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on Gannett stock.
The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, deteriorating net income, poor profit margins and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GCI