Washington Post Co. (WPO), the media and education company partly owned by billionaire Warren Buffett, gained the most in more than two years in New York trading, rebounding from a post-earnings slump.
The stock climbed 5.1 percent to $438.26 at the close today, the biggest one-day gain since Oct. 29, 2010. The shares have climbed 20 percent this year.
Washington Post’s shares declined after the company’s earnings were reported on Feb. 22. The company posted a quarterly net loss of $45.4 million, or 6.57 a share, after writedowns and restructuring increased expenses.
Standard & Poor’s reiterated its hold rating for Washington Post shares today, saying the company could benefit from changes to California law. The state is considering a bill that would let California public universities accept credit for classes taught online. Washington Post’s Kaplan division, which accounts for most of its revenue, could be a candidate to participate, the firm said.
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