NYT stock surges on Buffett rumors
EmptyNEW YORK -- New York Times Co. shares rose as much as 7.5% on Wednesday and options traders cited unusual call volume on speculation billionaire investor Warren Buffett could build a stake in the company.
Buffett, the chief executive of Berkshire Hathaway Inc. and on the board of The Washington Post Co., declined to comment through a spokeswoman. Times officials were not immediately available for comment.
He also owns the Buffalo News, a daily newspaper in Buffalo, N.Y.
"There is talk that Warren Buffet may be taking a stake in The New York Times," said Paul Foster, an options strategist at the Web information site theflyonthewall.com.
Option volatility in the Times increased as investors seek options and positioned themselves for more fluctuation in the stock, he added.
The stock traded as high as $26.90, and closed up 95 cents, or 3.8%, at $25.97 on the New York Stock Exchange.