AOL Shares Rise More Than 10% Early Wednesday

8:01 AM PDT 11/2/2011 by Georg Szalai

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The gain came after the online company posted better-than-expected third-quarter results and CEO Tim Armstrong said no major acquisitions were in the works.

NEW YORK - Shares of AOL Inc. rose more than 10 percent in early Wednesday trading as investors seemed to cheer the online company's better-than-expected third-quarter results.

CEO Tim Armstrong on a conference call said that there were no major acquisitions in the works. Recent market chatter has wondered about a potential deal involving Yahoo, which has been exploring its options, and AOL.

As of 10:45am ET, the stock was up 11.5 percent at $14.89. That gave the firm a market capitalization of $1.6 billion.

AOL earlier in the day had reported a swing to a quarterly loss, but the loss was not as pronounced as analysts had expected. The company also posted its lowest revenue decline in five years. After its second-quarter earnings call, AOL's stock had taken a beating.

Email: Georg.Szalai@thr.com

Twitter: @georgszalai