×

Is Carlos Slim Upgrading his Subscription to the New York Times?

Carlos Slim
Alfredo Estrella | AFP | Getty Images
Carlos Slim

Shares of New York Times Co. are up more than 17% in the last five days, but options traders see even more gains to come.

After a seven million share block of NYT stock printed Monday morning at 10:21am, speculation on the street centered on whether Harbinger Captial's Phil Falcone was getting out just as Mexican billionaire Carlos Slim was buying more. Slim already owns about 7% of the Gray Lady. "Only four New York Times Co. holders have that level of holding. One is Harbinger," says Doug Arthur of Evercore Partners. "I don't know who the buyers were, but Slim had been buying over time and Harbinger had been selling."

With shares of NYT trading around $9 a share today, options traders are betting the rally will continue. Nearly 1,800 of the December 10-strike calls traded hands today, a bet that is only profitable if New York Times stock rises 14% between now and December expiration.

  • Track NYT Stock and News Here

Questions, comments send them to us at: optionsaction@cnbc.com

Latest Video

Tutorials

Host Bio

  • Melissa Lee

    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

Options Action Traders

From Our Sponsor

Options Action Newsletter:

Sign up to receive exclusive Options Action content. Each month you'll receive an exclusive message from host Melissa Lee and insight directly from one of the members of our Options Action panel. Keep your pulse on the market with the Options Action newsletter.

Please enter a valid email address
To learn more about how we use your information, please read our Privacy Policy.