Bears Printing Profits in Gannett (GCI)

Shares of Gannett Co., Inc. GCI are lower on the session by 1.65%, currently trading at $13.08. The stock has been moving largely lower over the past six months; first support is $12.00, then $10.00. Options traders are buying puts on the name today, betting that GCI's slide continues. A short while ago the January 2011 $12.50 put was purchased 4,700 times, on the offer; open interest on the strike is 2,593 contracts. Put volume is now running at 2.42x the daily average. Gannett Co., Inc. is an international media and marketing solutions company. The company publishes 83 daily United States newspapers, including USA TODAY, the daily print newspaper, and more than 650 magazines and other non-dailies, including USA WEEKEND. The company also operates 23 TV stations in 19 the United States markets and Captivate, which operates video screens in office elevators in urban markets. For more great research like this, as well as how to play it through options…please visit Benzinga's Options & Volatility Edge and Benzinga's Cash Generator.