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Chase buys 4 million of LI company's shares

Stock of MSC Industrial Direct Co., Long Island's

Stock of MSC Industrial Direct Co., Long Island's seventh-largest public company in terms of revenue, jumped after Chase bought nearly 4 million of Melville company's shares. Credit: Newsday / J. Conrad Williams Jr.

Banking giant J.P. Morgan Chase has bought nearly 4 million shares of MSC Industrial Direct Co., Long Island’s seventh-largest company by revenue, over time.

In a Securities and Exchange Commission filing Thursday, Chase noted it had purchased 3,990,632 common shares, or an 8.2 percent stake, on behalf of clients. The filing said the purchase wasn’t intended to exert control over the Melville company.

MSC distributes industrial tools and supplies. The company’s stock jumped $2.84 cents Thursday and closed at $79.22 a share in New York Stock Exchange trading.

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