Report: FoMoCo stock hits two-year high
By Andrew C., 30 Aug, 2010. 0 Comments
Reports that billionaire investor George Soros' hedge fund purchased a 7.3 million-share stake in Ford Motor Co. led to its stock reaching a new two-year high. For a brief period, Ford shares hit the $9 mark for the first time since October 2007. Ford shares closed the day at $8.98, up 27 cents or 3.1 percent on heavy volume. Continued after the jump!
In its latest regulatory filing, Soros Fund Management got the 7.3 million stake in Ford during the third quarter. The stake, estimated to be 0.2 percent of Ford's outstanding shares, is valued at $53 million. Soros, at 79 years old, has made his mark as a global financier and philanthropist.
He was born in Budapest and initially made a fortune through his private investment fund Quantum. Soros chose to make his investment in Ford during a quarter wherein Ford recorded a stunning $997 million profit and had improved its cash position by $2.8 billion.
Ford shares have been rising since it had hit bottom in November 2008 at $1.26 a share. While rivals, General Motors and Chrysler, have entered bankruptcy and have taken advantage of government aid, Ford did no such thing and has made several moves to shore up its finances in recent weeks.
[via autonews]
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