Lee's industry is newspapers. That is not a very good start in this internet migration of the advertising money. I don't know the company well but, I've looked at the chart and it's looking bad. I would have sold a long time ago if I had shares and urge anybody to sell. I see the stock going lower except if the stock get a bump and shorts have to cover. 43.40% of Lee's float is being shorted. That's not a thing I look for in a long prospect but you need to be careful on each side here. If I was playing the long side, I would not take a position unless I see a catalyst that forces shorts to cover. On the short side, I would like to see a big distribution day to short it but if I were short already, I'd wait for the stock price to go under the 20dma before considering to cover. I would cover early on any upside catalyst. Beware, risky play.
$3.75 (08/29/08)
