Greenlight's Einhorn exits Macy's at a loss: letter

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July 26, 2016 10:22 AM EDT

David Einhorn, president of Greenlight Capital speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid/File photo

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)


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