Friday, September 09, 2011

Stock | Lee rises 4% on debt refinancing accord

[Updated at 4:58 p.m. ET with closing price.]

Lee Enterprises' stock closed at 62 cents a share today, up 2 cents, or 3.7%, as investors digested yesterday's news that the publisher had reached a crucial agreement with lenders on refinancing most of $1 billion in debt. Earlier in the day, shares traded as high as 84 cents.

Lee, a business partner of Gannett's in Tucson, Ariz., had announced the development after markets closed yesterday. The company's initial stock rally this morning came even as major market indexes tumbled.

The Dow Jones Industrial Average and the S&P 500 index both fell sharply at the close: down 2.7% each. GCI closed at $9.84, down 3 cents, after trading as low as $9.55.

Based in Davenport, Iowa, Lee publishes the Arizona Daily Star and 48 other U.S. dailies.

1 comment:

  1. Just traded at 58 cents, down 2 cents.
    Market is valuing this as truly a Junck stock.


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