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Hedge fund billionaire George Soros said yesterday that he has acquired a 7.9 percent stake in embattled retailer JC Penney, buying 17.4 million shares of the company - a move that sent JCP's shares up seven percent in after hours trading.

Soros is now the fourth largest investor in the company. The investment is said to be "passive," meaning that he has no intention of influencing the company's operations.

JC Penney has had more than its share of problems in recent years - the company hired Ron Johnson of the Apple Store to revamp and re-energize the stores, and when that did not work fast enough, it fired Johnson and rehired the man he replaced, Myron E. Ullman III.
KC's View:
I guess it is a passive investment because Soros is too busy trying to collapse the US economy and create a new world order. Even he would have a hard time doing that and helping to save JCP. (And fixing JCP is a much, much harder job...)