Tuesday, September 29, 2009
Gannett to raise $400 million-The short thesis is toast!
Oh boy--the shortseller thesis is crumbling on this number that I've been touting!
$200 million due in 2014, and $200 million due in 2017.
And GCI is now touting earnings for the quarter of 39 to 42 cents versus the 29 cents Wall Street estimated. And the shorts weren't ready for a pre-release! They thought earnings would come in after the October option expiration!
Another bear shot!!
Here's the first headline on the story from Dow Jones:
Gannett Co. (GCI) projected third-quarter earnings well above analysts' expectations as the nation's largest newspaper publisher announced plans to sell $400 million in five- and eight-year notes as it joins the raft of companies raising fresh capital to pay off other debt
Trading up over 10% in the pre-market to $11.40! It has a lot of room to go!
What ever happened to the joker that bought all the puts on this name? Who then had it advertised all over Wall Street?
Oh my--Such a scary proposition. Someone must "know something." Isn't that what we heard?
What happened to the joker with the phony after hour prints on this number?
So what did they know?
Just another false advertisement spun up on Wall Street!
And now the 44 million shorts have to deal with this story.
And deal with the fact the business is turning for GCI, and that their debt is being re-financed.
And deal with the fact, that the short's story, was laid out with all their scheming, real time, as it happened here.
And now, today, we get to eat their lunch!
After all, we need to do some advertising also!!
Posted by Palmoni at 8:32 AM