Thursday, November 20, 2008

Media stocks continue to plummet

Gannett, owner of the Springfield News-Leader, continued a freefall Wednesday that has seen its stock drop from as high as $39 over the past calendar year to $6.81 per share.

Wednesday's closing share was down 97 cents from Tuesday's closing price of $7.78.

Things could have been worse. The stock rallied late in the day after falling as low as $5.

Things did not go as badly for Nexstar Broadcasting, owner of KSNF in Joplin and KSFX in Springfield and de facto owner of KODE in Joplin and KOLR in Springfield. The company's stock fell only two cents Wednesday, to 59 cents per share. Its 52-week high was S9.56.

Saga Communications, owner of KOAM and KFJX in the Joplin/Pittsburg market, closed at $2.70 per share, down 17 cents from Tuesday.

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