Shares of Macy’s Inc. rose Wednesday after Jeff Smith, chief executive of the hedge fund Starboard, said at the Delivering Alpha investment conference that the retailer was worth more than $125 a share. In a panel discussion, Smith cited Macy’s real-estate properties, including its stores in New York, Chicago and San Francisco. Excluding the company’s credit-card operations and real estate, investors are getting “core operating profit for free,” he said. MarketWatch is live streaming all the market-moving developments from the Delivering Alpha event.
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From:: Stock Market News