The New York Times Company (NYSE: NYT) started rising earlier today on buyout rumors and we have seen a virtual 300% of trading volume with more than 90 minutes left in the day. The rumor mill noted billionaire Mexican investor Carlos Slim as potentially buying the rest of the company he does not own. He owns approximately 6.5% of the company and if conversions of debt were all made it may be 14% or so. CNBC just issued a brief note that a spokesperson for Carlos Slim has denied the rumors and said the rumor is absolutely not true.
Shares are up 4% at $11.38 on 7.7 million shares as of 2:21 PM EST. Shares have traded as high as $12.00.
JON OGG
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