Granted, Gannett beat by a wide margin. Unfortunately, the business earned $1.04 per share in last year's similar quarter. And as for net revenues, they declined almost 18%.

I like to look at the statement of cash flows. Not much going on there. Cash from operations declined over 40%. And when you look at how the company's dividend is doing, you don't receive much comfort. Gannett paid out 90% less in terms of a payout this time around.

Well, I was definitely bearish on Gannett back in October. How do I feel about the company now? I'm still bearish on it. I mean, who could be bullish on the newspaper industry? Its future could be quite bleak. As for the stock, I absolutely would not buy it at the level it closed at on Wednesday, which was $4.50 per share. I have to assume a lot of the buying was fueled by short sellers covering their positions in a panic.

However, on a pullback, and after a careful study of the price action following this report, Gannett might make for an interesting trade for those who are willing to take on a lot of risk. Keep in mind, however, that such a trade would probably not be appropriate for most. It certainly wouldn't be for me. I just throw this out there because I concede that Gannett may see some momentum going forward. I really wouldn't want to gamble with such a fundamentally unsound situation. I know some out there will, though. If you do decide to roll the dice with Gannett (and I'm not advising that you do), be very, very careful.

Disclosure: I don't own any company mentioned; positions can change without notice.