Soros brought IOM and lots of other stuff!!!!
16:57 Soros Shows Interest In Drug/Tech/Retail Stocks
FORM TYPE: 13F
QUARTER ENDED: 09/30/97
FILER: SOROS FUND MANAGEMENT
ISSUER: GLOBAL MARINE INC.
SYMBOL: GLM
Soros Fund Management showed a marked interest in drug,
biotechnology, high-tech and retail stocks during the third quarter,
according to a review of the money manager's latest Schedule 13F report
filed with the Securities and Exchange Commission.
Three of the most high profile biotechnology stocks, those that have become household names, at least on Wall Street, were among Soros's new holdings: Amgen Inc. (AMGN), Centocor Inc. (CNTO) and Genzyme Corp. (GENZ). Soros picked up 1.8 million shares of Amgen, 1 million shares of Centocor and 1.6 million shares of Genzyme, during the period, putting the firm's stakes in the three companies at a total of $181.5 million.
Also on Soros's "new buys" list during the third quarter were
Neopath Inc. (NPTH), of which the firm acquired 799,000 shares valued at $15.6 million at Sept. 30. NeoPath creates visual intelligence
technology designed to increase the accuracy of medical tests; and
Gilead Sciences Inc. (GILD), of which the funds bought 640,000 shares
valued at $28.4 million. available to patients, physicians and the
healthcare system. Gilead is working on, among other things,
proprietary therapeutics for viral diseases, cytomegalovirus retinitis, HIV, hepatitis B and influenza.
New positions were also opened in Dura Phamaceuticals Inc.
(DURA), which develops and markets products for the treatment of
respiratory conditions, with Soros having purchased 800,000 shares
valued at $34.9 million, and Idec Pharmaceuticals Corp. (IDPH), which
aims its talents at developing targeted therapies for the treatment of
cancer and autoimmune diseases, of which the funds bought 728,000 shares valued at $30.5 million.
In the third quarter the Soros funds also added to existing
positions in Agouron Pharmaceuticals Inc. (AGPH, roughly 600,000 shares purchased, with 622,400 shares held at quarter-end) and Guidant Corp. (GDT, nearly a million shares acquired and almost 1.5 million held at Sept. 30).
Technology stocks were also prominent among the portfolio's new additions or increased positions. Gateway 2000 Inc. (GTW), the direct marketer of PCs and related equipment, made a fresh appearance after the Soros funds purchased more than 1.3 million shares valued at $41.9 million at the end of the quarter.
The investment manager also picked up an even 1.2 million
shares of Lam Research Corp. (LRCX), which supplies wafer fabrication
equipment to semiconductor makers, and approximately 3.9 million shares of Micron Technology Inc. (MU), a maker of semiconductor memory
components, printed circuit board assemblies, remote intelligent
communications products and flat panel displays.
Several other technology stocks already in the Soros funds'
portfolios saw their prominence raised through third-quarter purchases
that added to existing holdings. The firm bought another 485,000 shares of Applied Materials Inc. (AMAT), which, like Lam Research, supplies wafer fabrication systems and services to the semiconductor industry, and now holds 565,000 shares. Soros funds also scooped up a million more shares of Compaq Computer Corp. (CPQ), putting the money manager's aggregate holdings at 1.1 million shares.
******** Another favorite was Iomega Corp. (IOM), the Roy, Utah-based maker of personal computer storage solutions, of which Soros bought a million shares, doubling its stake to just over 2 million shares. ***************
Texas Instruments Inc. (TXN) was also in favor, with Soros adding nearly 250,000 shares to its existing holdings, which at Sept. 30 amounted to 1.4 million shares.
Heading into the all-important holiday selling season, stocks
in the retail sector catching Soros's eye included CVS Corp. (CVS) and
Federated Department Stores Inc. (FD), both of which represented new
positions in the third quarter, and Home Depot Inc. (HD). CVS, the huge drugstore chain, emerged as a 1.6 million-share holding (valued at $91.6 million), while Federated, which owns Bloomingdale's, Lord & Taylor, Macy's and other department stores, was recorded as a 1.4 million-share holding (valued at $58.2 million). More than 1.5 million shares of Home Depot were acquired in the latest quarter, bringing Soros's holdings of the ubiquitous home-supplies and fix-it retailer to 4.65 million shares.
Cyclical stocks, including heavy machinery and equipment
makers, were not overlooked either, though Soros's purchases in these
sectors appear to have been more selective in nature. New positions
were established in International Paper Co. (IP, 800,000 shares) and
Union Camp Corp. (UCC, 900,000 shares), while stocks with increased
included Boeing Co. (BA, 884,900 shares acquired in the third quarter,
908,000 held at Sept. 30), Caterpillar Corp. (CAT, 578,500 shares
acquired, 1.16 million held) and Ford Motor Co. (F, 1.9 million shares
acquired, 2.1 million shares held).
Finally, other favored names among the cyclicals were Ingersoll Rand Corp. (IR, 1.3 million shares acquired, 2.2 million shares held), Reynolds Metals Co. (RLM, 550,000 shares acquired, 1.65 million held), Stone Container Corp. (STO, 350,000 shares acquired, 3.7 million held) and, last but not least, Waste Management Corp. (WMX, 1.6 million acquired, 22.6 million held).
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(END) FEDERAL FILINGS-DOW JONES NEWS 11-18-97
16:57 |
