After The Bell Friday: No Bump On Lee’s 10K

Fitz: Lee Enterprises Inc. (NYSE: LEE) didn’t file its 10K annual report with the SEC until after markets closed Friday, but before the opening bell the St. Louis Post-Dispatch parent let The Street know three things: The report would not include a qualified opinion from its outside auditor expressing reservations about its ability to continue as a going concern; it was continuing to aggressively cut costs by eliminating medical coverage for some retirees and jacking up premiums on others; and its November and so-far December ad sales are firming sufficiently that Chairman and CEO Mary Junck says Lee is “hopeful that the turnaround has begun."

And The Street’s response was to push LEE’s share price down, though modestly. LEE ended at $8.54,  $3.54, off 4 cents, or 1.1%, from the open. Davenport, Iowa-based Lee got another reaction to its cost-cutting Friday -- retired union employees vowed to gather outside the P-D next Tuesday to protest the elimination of their health benefits.

It was another small-cap that led gainers Friday. E.W. Scripps (NYSE: SSP) jumped 8.5% on a 33-cent gain to $6.80.

The rest of the sector was generally up, but modestly.