- Shares of Lowe’s, the home improvement retailer, jumped more than 6% after Bloomberg reported an activist investment from D.E. Shaw, a quantitative investment firm, on Friday.
- The size of the investment is unknown, but a 0.12% stake in the company was disclosed by D.E. Shaw in November, according to Bloomberg.
- D.E. Shaw plans to use its investment in the company to ask for changes that could increase shareholder value, Bloomberg said, citing unnamed sources.
- Lowe’s is expected to report earnings of $0.86 per share on revenue of $15.335 billion.
- Rival Home Depot also jumped after the news, gaining about 1.89%.
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