Ford Stock Sets 2-Year High as Investor Boosts Stake
November 17, 2009
Ford Motor Co. stock closed Monday at its highest price in more than two years after 
billionaire investor George Soros upped his stake in the automaker.
Ford shares rose 30 cents, or 3.6 percent, to close at $8.71 a share on Monday. That's the highest price since the shares closed at $8.95 per share on Nov. 2, 2007, according to Bloomberg. Ford shares have risen 25 percent since Oct. and more than tripled this year.
Security and Exchange Commission filings Monday show Soros Fund Management took a 7.3- million stake, valued at $53 million, in Ford during the third quarter. That pushed the hedge fund's Ford holdings $2 billion higher to $6.2 billion. Soros ranks as Ford's 38th largest investor, with 0.2 percent of common shares outstanding, according to Bloomberg data.
Two weeks ago, Ford posted a surprise $997-million third-quarter profit, beating analysts forecasts for a loss. Sales rose 3.3 percent in October from a year ago.
Soros raised his holdings in other companies, including AT&T, Verizon, Wal Mart; he cut his stake in Petroleo Brasileiro SA.
Posted by Michelle Krebs at 6:24 AM under Ford , News , Personalities | Comments (0) | digg this | Seed Newsvine
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