Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
The disclosures come as a federal judge ruled Wednesday that two other banks — Deutsche Bank and Capital One — can give financial documents to Congress, NBC News reports.Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for...Politicsread more
While the transaction could happen because TJX's market capitalization nearly doubles Macy's, it seems unlikely at this point, said Jan Kniffen, founder of J. Rogers Kniffen, which provides investment consulting related to retail. However, any deal highlights the immense value of Macy's real estate relative to its operating business.
"Macy's real estate is worth so much that in theory they can be bought and paid for with their own assets," he said, adding that a TJX acquisition "would be one way to do it."
Kniffen's comments came in response to Starboard LP CEO and CIO Smith's remarks that sent Macy's stock soaring Wednesday. He suggested Macy's could function with its operating business and real estate in two separate companies, contending that the retailer's shares should be worth nearly double their current value.
"We believe there is an opportunity to create two leading companies ... while maintaining the dividend," Smith said during a panel on activists' best ideas at the Delivering Alpha conference presented by CNBC and Institutional Investor.
By Smith's calculations, Macy's real estate makes up about $21 billion of its $29 billion in total enterprise value. Kniffen noted Thursday that "the real estate is worth a lot more relative to the operating company than it's ever been."
"We never got to the point where the two values together were worth doing the deal. Today, they are worth doing the deal," Kniffen sad.
In a statement after Smith's comments Wednesday, a Macy's spokesman said the company evaluates "all our locations and their retail and alternative-use values."