California Resources Corp. (fka CRCQQ)

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•California Resources (CRC +19.9%) surges nearly 20% for its biggest intraday jump since August after the George Soros bought a new stake in the oil explorer.

•Soros also bought more than 3M shares in pipeline owner Williams Cos. (WMB +2.7%), and took smaller positions in Petrobras (PBR +4.5%) and Rice Energy (RICE +4.1%), while selling his position in the SPDR Gold ETF (GLD +0.8%).

•Today's crude oil rally also is having an outsized effect on CRC, whose $32.50-$33.50/boe production costs make it very much a marginal-cost/bbl supplier of oil; a $1/bbl change in the Brent price equates to a $2.5M increase in net income, according to the company's own price sensitivities index.