Shares of New York Times Co. vaulted toward a 15-year high Thursday, after the media company reported a fourth-quarter profit that was well above expectations, hiked its dividend by 20% and paid off all its debt.
The stock, which is headed for the highest close since February 2005, has now run up 30% over the past 12 months, and has nearly tripled since the end of 2016. In comparison, the S&P 500 index SPX, +0.23% has gained 22% this year and rallied 49% since the end of 2016. Shares of fellow newspaper publishers Gannett Co. Inc. GCI, -0.31% have tumbled 53% over the past year, while McClatchy Co.’s stock MNI, -2.03% has plunged 89%.
In 2015, the company set a goal to double digital revenue to “at least $800 million” by the end of 2020. Circulation fell 10.3%, with Starbucks Corp.’s decision to discontinue the distribution of all print newspapers acting as a 2 percentage point drag.
Thank you President Trump for the reason America is thriving. The confidence in our economy is at an ALL TIME HIGH. Trump economy MAGA
Trump won’t like this!
Trump even helping his enemies.
Did they send Trump a thank you note? Lol
Golly! I'd swear someone was just saying they were failing...
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