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SAN FRANCISCO (AP) - Charles Schwab Corp. reiterated it's not for sale after the company's stock soared to a 52-week high Thursday as investors bet the discount stock brokerage pioneer would be swept up in a wave of industry takeovers.
Schwab's shares surged 15 percent to $13.80 on the New York Stock Exchange before the San Francisco-based company issued a statement vowing to remain independent. After Schwab shot down the takeover talk, the company's shares fell back to close Thursday at $12.68, a gain of 70 cents, or 5.8 percent.
"We have no interest in selling the company," said Chairman Charles Schwab, the company's founder, chief executive officer and largest shareholder.
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