Lampert Speculation Targets Gap (GPS)

September 18, 2006 1:52 PM EDT
Last week, rumors were abound that hedge fund guru Edward Lampert was looking to build a stake in Home Depot (NYSE: HD), this week Gap Inc. (NYSE: GPS) is the center of the Lampert speculation. According to speculation Monday, Lampert's hedge fund RBS Partners LP may be accumulating Gap common stock.

While Gap shares received a boost recently from an upgrade at Lehman Brothers, the stock has suffered for years due to poor operating performance.

Lampert is best known for bringing Kmart out of bankruptcy and later merging the company into Sears, Roebuck & Co., creating Sears Holdings. Lampert currently sits as the Chairman of Sears Holdings (Nasdaq: SHLD). Lampert also owns large stakes in AutoNation (NYSE: AN) and AutoZone (NYSE: AZO). Recent filings showed his hedge fund owned a 23.4% stake in AN and a 29.65% stake in AZO.

Shares of specialty retailer Gap are up 2.18% to $18.31 in mid-day action Monday.

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