Neither Gannett nor tronc are having much of a good time in the market today, and for good reason. The two companies worked out a deal that was great for investors. However, now it seems like the deal may not go through. Today, we’ll talk about the news, what we’re seeing from the stocks, and what we can expect from GCI and TRNC moving forward.
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GCI/TRNC Deal May Not Go Through
While the reports are largely unconfirmed at the moment, there’s quite a bit of chatter that the deal made between Gannett Co Inc and tronc Inc may not go through. The chatter online suggests that the deal is running into bank funding issues. As we all know, without the funds, the deal will fall apart, which isn’t good for GCI or TRNC.
What We’re Seeing From The Stocks
Throughout the day today, both GCI and TRNC have been seeing declines, with a big spike downward happening recently as the story of the deal falling through started to circulate. Currently (3:05), Gannett Co Inc stock is trading at $8.53 per share after a loss of $1.37 per share (13.84%) thus far today. On the other side of the coin, tronc Inc stock is trading at $13.03 per share after a loss of $3.97 per share (23.35%) thus far today.
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What We Can Expect To See Moving Forward
Moving forward, in the short term we can expect to see declines from both GCI and TRNC. While we may see a slight correction from today’s lows, investors are likely to be concerned about the deal breaking apart, which will likely lead to downward movement. In the mid term, the movement in both stocks will largely depend on how the news surrounding the deal evolves. So, keep your eyes peeled for any news surrounding funding of the deal between GCI and TRNC.
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