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Apple stock up on buyout rumors

The company's share price soars 14.6 percent in heavy trading amid buyout rumors.

Amid rumors that there may be a buyer interested in Apple (AAPL), the troubled computer maker's share price soared 14.6 percent today in extremely heavy trading.

Apple closed at 15-3/16 a share, up 1-15/16. The number of shares trading hands reached 6.4 million, more than the four times the average trading volume.

Rumors of an Apple takeover come just after the company's chief executive, Gilbert Amelio, announced his resignation and an executive search team--including cofounder Steve Jobs--begin to seek a new CEO and develop a strategy to move the company forward.

Jobs has declined to take the CEO spot, said Edgar Woolard, an Apple board member and part of the executive search team, in an interview with CNET's NEWS.COM yesterday.

Although Woolard has denied that the computer maker is up for sale, his comments have not stemmed speculation or excitement that Apple may be bought out.

After all, late last year, Apple reportedly was in talks to sell itself to Sun Microsystems.

And in March Oracle chief executive Larry Ellison talked of forming an investor group to buy Apple.

Ellison watched Apple's stock climb as much as 15 percent in trading to a day high of 19-1/4 a share after his announcement.

Apple has posted a string of large losses in the past year. The company reported a $708 million net loss in the second quarter and a $740 million loss a year ago. The company is going to report its third quarter next Wednesday.

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