(Bloomberg) — Daniel Kretinsky’s bet on Macy’s Inc. turned out to be short but profitable, and the Czech billionaire might jump back into the stock again if the price is right.His Vesa Equity Investment said Tuesday it owned 0.7% of the U.S. department-store chain, down from the 5% stake unveiled less than a month ago. The investment, billed as a strategic move at the time, coincided with a 65% surge in the stock. Kretinsky made roughly $36 million if he bought Macy’s shares the day before disclosing his 5% stake and sold them on Tuesday.“The reason for our exit certainly …read more
Source:: Yahoo Finance
