American Superconductor's Wires Are HotBy
Minutes after the Dow Jones wire reported at 2 p.m. on Mar. 8 that financier George Soros had taken a 5.3% stake in American Superconductor, the stock jumped almost 2 points, to 32 a share. Not many investors have heard of American Superconductor, a development-stage company formed in 1987 to develop commercial uses for its patented high-temperature superconductor ceramic wires and wire products. "It's the only play in superconductivity whose potential is difficult to overstate," says financier Ken Langone, managing director at Invemed Associates, a New York investment bank. CS First Boston and Invemed last month co-underwrote a secondary offering of 1 million AMSC shares at 291 4 a share.
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