This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NYT Shares Spike on Volume

(New York Times article updated with today's volume and share price.)

NEW YORK ( TheStreet) -- New York Times (NYT - Get Report) shares continued surging today, rising nearly 10% this morning following an unusual boost in trading volume yesterday.

Nearly 13 million shares traded hands on Monday, compared with the average 3-month volume of 2.2 million and the share price rose almost 4%.

Shares spiked almost 10% this morning, reaching $9.28, and are up about 7% to $9.10. Almost 4 million shares have already traded hands today.

Analysts Douglas Arthur at Evercore Partners speculates that one of the company's largest shareholders was responsible for divesting a chunk of 7 million shares around 10:30 A.M. yesterday.

"Only four or five investors have that amount of stock," Arthur pointed out. He indicated that major shareholder Harbinger Capital Partners (HRG - Get Report) has steadily been selling its shares throughout the year.

In October, Harbinger sold 2.9 million shares following the company's $4.3 million third-quarter loss, which brought its stake in the company down to 7.4%. In April Harbinger disclosed it had a 9.4% stake, which was down from 12.8% at the beginning of 2010.

Arthur also speculates that Mexican billionaire Carlos Slim could have been the buyer, but it's not likely that he was the seller. In September New York Times shares spiked on rumors that Slim was planning to launch a bid to take over the company.

-- Written by Theresa McCabe in Boston.

>To contact the writer of this article, click here: Theresa McCabe.

>To follow the writer on Twitter, go to @TheresaMcCabe.

>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HRG $14.48 1.69%
NYT $12.33 -0.96%
AAPL $94.01 -1.20%
FB $118.06 0.54%
GOOG $695.70 0.48%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs