A Hong Kong firm increased its stake in Smith.
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Industrial Equity Pacific Ltd. said it boosted its stake in Smith International to 11.2%. In documents filed with the Securities and Exchange Commission, IEP said it purchased 470,700 additional Smith shares since last Thursday for $2.2 million, upping its holdings from 9.1%. That helped boost the price of Smith’s stock by 25 cents a share to $4.875 in trading on the New York Stock Exchange on Wednesday.
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