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Friday, October 4, 2013

AMCC Gives Soros a Boost, Angie’s List Continues to Decline

Today’s daily gainers are Applied Micro Circuits Corporation (NASDAQ:AMCC), International Tower Hill Mines Ltd (NYSEMKT:THM), Sarepta Therapeutics Inc (NASDAQ:SRPT) and daily losers are Angie’s List Inc (NASDAQ:ANGI), Dex Media Inc (NASDAQ:DXM), Herbalife Ltd. (NYSE:HLF).

Applied Micro Circuits AMCC
AMCC is today’s top performing stock

Microchip producer Applied Micro Circuits Corporation (NASDAQ:AMCC) is our top pick for today’s list of gainers. The firm’s share price climbed +7.84% to $13.62 following the announcement of the company’s new CFO, Douglas Ahrens. The news was especially well received by billionaire George Soros, who bought 226,000 AMCC shares at an average price of $8.22 last quarter. This position represents just 0.02% of his portfolio but is up +64.62% overall.


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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.