Macy’s (M) rallied after Starboard Value hedge fund manager Jeffrey Smith disclosed a stake in the retailer. Smith thinks the stock can go as high as $125 a share, nearly double yesterday’s close. Stocks gave up slight gains in Wednesday’s session to close in the red for the first session in five. The drop occurred late in the day as uncertainty in Greece and Iran overshadowed positive news on the U.S. economy. The Fed’s Beige Book backed up Fed Chair Janet Yellen’s upbeat outlook on the domestic economy. All 12 of the Fed’s districts recorded economic growth from mid-May through June while the U.S. economy as a whole expanded at a ‘moderate’ to ‘modest’ pace. Oil took a tumble after President Obama touted his commitment to seeing the Iranian nuclear deal through to completion.
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