Magazine article Editor & Publisher

Beaten-Down Lee Enterprises Stock Suddenly Soars

Magazine article Editor & Publisher

Beaten-Down Lee Enterprises Stock Suddenly Soars

Article excerpt

Lee Enterprises stock, which has been trading for small change for months, surged above $1 a share Wednesday morning, capping three consecutive days of big -- and unexplained -- price spikes, and bigger trading volume.

Just 90 minutes into trading, Lee shares were at $1.05, up 19 cents, or 22%, from their opening. The stock has been as high as $1.20 Wednesday.

Lee, which trades on the New York Stock Exchange (NYSE) under the symbol LEE, hadn't traded above $1 a share since Nov. 28, 2008.

Through March and April the stock traded in a range of just 30 cents to 40 cents, and it has been as low as 24 cents. Lee had been warned by the exchange that its stock could be delisted because it had traded below $1 a share for more than 30 consecutive sessions. But the Big Board has temporarily suspended enforcement of that rule.

Since Monday, the trading in Lee stock has been furious with volumes that have been three to four times normal. …

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