(Bloomberg) -- Discount retailer Dollar Tree Inc. spiked the most in eight months after a report that billionaire investor Carl Icahn is accumulating a significant stake in the company.
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The New York Post reported Icahn’s stock position on its website, without saying how it obtained the information. Dollar Tree shares jumped as much as 7.1 percent to $86.70 on Tuesday, the biggest intraday spike since February. The stock had fallen almost 25 percent this year through Monday’s close.
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Shares of competitor Dollar General Corp. also surged after the report.
A representative for Icahn declined to comment. Dollar Tree wasn’t immediately available for comment.
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