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