Greenlight's Einhorn exits Macy's at a loss: letter
Reuters
Published Jul 26, 2016 10:23AM ET
Greenlight's Einhorn exits Macy's at a loss: letter
BOSTON (Reuters) - Hedge fund manager David Einhorn told investors on Tuesday that his Greenlight Capital lost money on battered retailer Macy's Inc (N:M) and exited the position roughly six months after getting in.
"We sold Macy's for a loss after the company announced a significant reduction in full-year 2016 guidance," Einhorn said in a letter seen by Reuters. Macy's and Apple (AAPL).O> were "material losers" for the firm as it lost 2.6 percent in the second quarter, the letter said.
Greenlight sold Macy's at $32.08 a share after having told investors in January that it had bought the stock at $45.69.
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Written By: Reuters
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