Wednesday, November 26, 2008

Lee stock closes at $1; worse to come?

Lee shares closed at $1 today, after falling as low as 90 cents. (On Tuesday, the stock hit 86 cents during trading.) All week, Lee stock have been flirting with penny-stock territory, and it seems determined to stay there. Lucky for Lee, the markets are closed Thursday for Thanksgiving.

A report from Morningstar says the day's 90-cent low could end up being a high, and warns the stock will drop much further. Morningstar lowered its “fair value estimate” for Lee stock from $2 a share to zero. Yep, zero.

Have a happy Thanksgiving.

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