Macy's Shares Spike Following Activist Investor Jeffrey Smith's Bullish Comments

Shares of Macy's (M) finished Wednesday's session with a gain of about 8 percent. The stock is TheStreet's Move of the Day. The stock rose after activist investor Jeffrey Smith of Starboard Value said shares could rise to a staggering $125. That's a 74 percent increase from the stock's current level of $72. He made those comments at the Delivering Alpha conference, according to CNBC. Smith emphasized the value of the retailer's real estate portfolio, which he said is worth more than $20 billion. He suggested spinning off the properties into a real estate investment trust. Smith said the company's flagship store in New York's Herald Square flaunts a $4 billion valuation, not to mention some 400 locations in malls, which Smith said are good for $13 billion. TheStreet's Scott Gamm reports from New York.