(New York Times article updated with today's volume and share price.)
NEW YORK (
New York Times
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
has steadily been selling its shares throughout the year.
In October, Harbinger sold 2.9 million shares following the
, 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
that Slim was planning to launch a bid to take over the company.
-- Written by Theresa McCabe in Boston.
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