MRCY - Activist Jana Partners reduces stake in Macy's adds to Mercury Systems

Activist hedge fund Jana Partners reduced its stake in department store chain Macy's (NYSE:M) by 83% in Q4. Jana sold 3.85m shares and held more than 760,000 shares at the end of December,  according to Jana's 13F latest 13F filing. The latest disclosure comes after Jana in October was pushing for a spinoff of Macy's e-commerce business. The activist investor sent a letter to the company's board formally asking it to separate the online unit and believes the online business could be worth around $7B, which is roughly the market cap of Macy's. Macy's shares fell 3.9% on Monday, though they have gained 3.1% today potentially after legendary hedge fund manager David Tepper's Appaloosa boosted its stake in Macy's (M) to 10.1M shares from 7M. Separately, Jana disclosed in its 13F that it added to its stake in Mercury Systems (NASDAQ:MRCY). Recall that Mercury Systems adopted a poison pill after December after a report that Jana had

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Activist Jana Partners reduces stake in Macy's, adds to Mercury Systems