Corvex Hits a Bump on Its Comeback Trail

After a terrible first half, the hedge fund firm’s seemingly successful rebound strategy slammed into a rock: Signet Jewelers.

Keith Meister, Corvex Management (Bloomberg)

Keith Meister’s Corvex Management suffered a big setback on Thursday in its desperate bid to get back to even after a horrendous six-month rout.

Signet Jewelers, a favorite of hedge funds including Corvex, plummeted about 14 percent or so on Thursday after the jewelry retailer reported its first decline in same-store sales in more than six years.

To continue reading, subscribe now to Premium Journalism. Already a subscriber? login.