Reports Home Depot (HD) Higher On Rumors of Lampert Stake
According to reports from Reuters, shares of Home Depot Inc. (NYSE: HD) were higher Tuesday on rumors hedge fund guru and Chairman of Sears Holdings (Nasdaq: SHLD) Edward Lampert is looking to build a stake in the company. The rumor created significant activity in Home Depot options Tuesday.
Spokesmen for both Home Depot and Lampert declined to comment on the speculation according to the news service.
In 2003, Lampert brought Kmart out of bankruptcy and later merged the company into Sears, Roebuck & Co., creating Sears Holdings. Lampert also owns stakes in AutoNation (NYSE: AN) and AutoZone (NYSE: AZO).
Shares of home improvement retailer Home Depot closed up 4.56% to $36.66 Tuesday.
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