February 6, 2020
FUNNY WAY OF FAILING:
New York Times stock soars to 15-year high after earnings beat, dividend hike and debts paid off (TOMI KILGORE, 2/06/20, Market Watch)
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 media company also boasted that it succeeded in doubling its digital revenue, a target set back in 2015, but did so a year earlier than its original goal.The stock NYT, +12.87% shot up 13% in active afternoon trading, which puts it on track for the best one-day performance since October 2009. Trading volume swelled to 4.6 million shares, compared with the full-day average over the past 30 days of about 1.3 million shares.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 (up 190%) since the end of 2016. In comparison, the S&P 500 index SPX, +0.32% has gained 22% this year and rallied 49% since the end of 2016.
Posted by Orrin Judd at February 6, 2020 3:37 PM