WorldCom

(WCOM)

chief executive Bernie Ebbers

(WCOM)

quashed rumors his company might issue a profit warning, boosting its shares in early trading Wednesday.

Shares of WorldCom were up $1.56, or 10.3%, to $16.75 in recent

Nasdaq

trading.

"We stick by our guidance. We are not going to miss it. But we're not revising upward at this point," Ebbers said at an investor conference in New York, according to

Reuters

.

He also denied rumors WorldCom was in merger talks with

SBC Communications

(SBC)

or anyone else, saying his company's low stock price prevented new acquisitions. "If we were fairly valued, we'd be in acquisitions big time," he said.

Shares of SBC, which had weakened recently on rumors of a merger with WorldCom, were down $2.13, or 4.7%, to $42.80 on the

New York Stock Exchange

.

Ebbers also said WorldCom's capital spending in its data unit would be at the low end of a previously forecast range of $8 billion to $8.5 billion.