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Saturday, December 21, 2013

Tech Stocks Are Soaring Soros

Today’s midday gainers are Red Hat, Inc. (NYSE:RHT), Marketo, Inc. (NASDAQ:MKTO), Magnum Hunter Resources Corporation (NYSE:MHR) and midday losers are TIBCO Software Inc. (NASDAQ:TIBX), InterDigital, Inc. (NASDAQ:IDCC), Rite Aid Corporation (NYSE:RAD).
George Soros soars with tech stocks

On the top of our midday gainer list is Red Hat, Inc. (NYSE:RHT), the tech company increased +17.35% to $57.50 after a great Q3 earnings report. Billionaire George Soros holds 550,000 shares (0.28% of his fund) acquired for $52.07 per share. Another investor with a position in RHT is Ray Dalio who owns 318,000 shares, composing 0.12% of his holdings. Dalio paid an average price of $51.97 per asset.

Following Red Hat Inc. is Marketo, Inc. (NASDAQ:MKTO), which rose +13.26% to $37.25. This was a well-received news for George Soros who holds 60,000 shares of the tech firm. This position represents 0.02% of his holdings and he paid an average price of $24.58 per asset.

Last but not least is Magnum Hunter Resources Corporation (NYSE:MHR), the energy company climbed +8.34% to $7.27. This is another hit for Soros since he owns 2.4 million shares (0.17% of his fund) acquired for $4.81.

George Soros
George Soros

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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.