Saturday, January 12, 2013
GateHouse Media stock skyrockets
It is not often a stock, especially one delisted by the New York Stock Exchange and listed on the Pink Sheets sees that kind of improvement.
Despite the good news, I would not be in any hurry to buy GateHouse stock. That 16.67 percent increase improved the paper's price from six to seven cents per share.
Even that is much better than its listed low for the past 52 weeks- a meager three cents per share.
Hmm. Perhaps I should reconsider my opinion of the company. Three cents to seven cents per share is an improvement of more than 200 percent. That must be the explanation of why million dollar CEO Michael Reed (pictured) received his $800,000 bonus despite his company being billions of dollars in debt and cutting hundreds of employees.