Markets Flat in Slow Trading
Bank of America (BAC) Up on Downsizing PlanBank of America's (BAC)investors are out for blood, it seems.
Macy's (M) at Year-Long HighsThanks to a hedge fund manager's remarks at the Delivering Alpha conference, Macy's (M) found their share price skyrocketing today. Starboard Value, a so-called activist fund that gives unsolicited advice to its investments in the hopes of increasing value, suggested that Macy's would be worth quote a bit more if it would consider a real estate spinoff. The suggestion came from Jeff Smith, who plainly called for a lease and buy-back move from Macy's.
Macy's (M) does own a lot more than just department stores. They're also sitting on some hot real estate. The suggestion would have Macy's spin-off their real holdings and lease them back to the company and possibly others. In trading today, Macy's was up big on the chatter. They added almost 8% to their stock price, closing the day up 5.28 points to $72.01 per share.
Euro Drops Through $1.10 Support LevelIt might only be a penny or two, but the Euro has fallen through one of its most consistent support levels. It's no secret that the drama in Greece has had the Euro plummeting, but up until this point it had managed to keep its head above $1.10. This marks a new low point for the currency, and although it has reached these levels before in inter-day trading, it's news that the Euro is closing under $1.10.
This comes on the back of a third bailout deal with Greece's EU and IMF creditors. There are real rumblings on the horizon of a Greek return to the drachma, which would have unpredictable results for the European Union's Euro.
Published on Jul 15, 2015By Aaron Phillips