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AutoNation shares rise on news of Gates' stake

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By AP
22 July 2008 @ 07:06 pm EST

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NEW YORK - Shares of automotive retailer AutoNation Inc. jumped Tuesday on news that Microsoft Corp. founder Bill Gates owns a 5.5 percent stake in the company.

Quotes

AN	6.45	0.2
MSFT	19.68	2.15

AutoNation shares rose 81 cents, or 9.7 percent, to end at $9.17. Volume surged to more than 7 million shares, more than twice the average daily trade.

Over the past 52 weeks, the company's shares have traded between $7.30 and $21.79.

In a filing with the Securities and Exchange Commission late Monday, Cascade Investment LLC, Gates' private investment vehicle, reported owning 5.3 million AutoNation shares, representing a 2.9 percent stake in the company.

In addition, the Bill & Melinda Gates Foundation Trust owns 4.6 million shares in the company for a 2.6 percent stake, the filing said.

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