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George Soros Buys Stake in J.C. Penney: Vote of Confidence?

George Soros Buys Stake in J.C. Penney: Vote of Confidence?

George Soros has quietly purchased 17.4 million shares of struggling retailer J.C. Penney for $265 million, The Wall Street Journal reports. Soros is now the fourth biggest stakeholder in the company, although he plans to take a passive role.

According to WSJ:

"The vote of confidence in the company and apparently in the reshuffled management sent J.C. Penney shares up 6.3% to $16.20 in after-hours trading. That would be the highest the stock has traded since its chief executive Ron Johnson was ousted earlier this month." 

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