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 (NYSE: 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 .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.

(Reporting by Svea Herbst-Bayliss; Editing by Jeffrey Benkoe)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Greenlight Capital Re adds two directors to its board
• Macy’s, Inc. to Participate in Goldman Sachs Global Consumer and Retail Conference
• Activist hedge fund Engine Capital has built a 1.5% stake in EPAM Systems - Reuters