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What: Shares of Lee Enterprises, Incorporated (NYSE: LEE ) were looking stronger today, moving up as much as 11% after the newspaper publisher announced a cost-cutting strategy and an upbeat outlook.
So what: At its shareholders' meeting today, CEO Mary Junck said the company is off to a "solid start" in 2014, and said that digital revenue and audience grew by double digits. On the cost side of the equation, management said it expects operating expenses to fall 1.5% to 2.5%, while it expands advertising capabilities through mobile strategies and geotargeting.
Now what: Lee, along with most newspaper companies, has been struggling lately, but the stock has been soaring, as shares have more than tripled in the past year. An investment from Warren Buffett hasn't hurt, either, as the billionaire has increased his stake in the small media company during the past couple of years. Still, this industry seems to be getting left behind by changing technology, though Lee managed to post a small profit in its last quarter. If it can keep costs down and expand mobile advertising, perhaps it can buck the overall industry trend.
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