Don't miss topline! That seems to be the message this earnings season. Our parent company, General Electric , Bank of America , and Gannett all reported topline a bit light, all trading down today.
Look at Gannett: broadcast revenues were up 20 percent but print ad revenues dropped 6 percent — not as bad as the 7.9 percent drop last quarter and the smallest drop in three years.
But traders expected some kind of clear bottom in print were clearly disappointed; the stock was down as much as 9 percent at one point and is now down 7.5 percent. Other newspaper stocks were also down 4 to 6 percent.
Noble Financial Director of Research Michael Kupinski called the move an overreaction and said, "We view the sell off as an aggressive buying opportunity."
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