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Macy’s Jumps After Starboard Values Retailer at $125 a Share

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Macy’s Inc. shares had their best day since 2013 after activist investor Starboard Value acquired a stake, saying the department-store chain’s stock would be worth $125 if it better capitalized on its real estate.

Macy’s could separate its properties from operations, unlocking value for investors, Starboard Chief Executive Officer Jeff Smith said on Wednesday at the CNBC Institutional Investor Delivering Alpha Conference in New York. Its real estate is worth $21 billion of the company’s $29 billion enterprise value, according to Starboard’s analysis.