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Wednesday, October 16, 2013

Soros Has Bad Day as Teradata, J.C. Penney Tank

Today’s daily gainers are Allied Nevada Gold Corp. (NYSEMKT:ANV), IAMGOLD Corp (NYSE:IAG), NovaGold Resources Inc. (NYSEMKT:NG) and daily losers are Teradata Corporation (NYSE:TDC), Caesars Entertainment Corp (NASDAQ:CZR), J.C. Penney Company, Inc. (NYSE:JCP).

Allied Neveda is today’s top performing stock

Allied Nevada Gold Corp. (NYSEMKT:ANV), a gold and silver producer, experienced a major gain today. Its stock price shot up +5.42%, reaching $4.29. In fact, it was a good day for gold overall, up +0.58%. Billionaire John Paulson benefitted from this one. Paulson owns 1.5 million ANV shares (0.07% of his fund), acquired at an average price of $34.10.
Next up on our list of daily gainers is IAMGOLD Corp (NYSE:IAG), another company boosted by gold today. The firm’s stock price climbed +3.90% today to $4.53. Paulson again reaped the benefits here, as he holds 3.8 million IAG shares, representing 0.12% of his portfolio. Unfortunately, he’s got a lot of ground to make up for with this stock, for which he originally paid an average $15.83 (it is currently valued -71.50% below that number).
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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.