Macy's, Inc. M shares are trading higher by $1.27 at $39.15 in Tuesday's session. The issue is getting a lift off the news of David Einhorn's (Greenlight Capital) announced stake in the issue. He also made positive comments regarding the company's balance sheet and strong history of share repurchases.
The mid-morning release instigated a sharp rally in the issue to $40.01. That marks the first time Macy's has traded above $40, since November 30 when it peaked at $40.19, before ending that session at $39.09.
After making the high, it retreated to $38.80 before returning to the $39 handle.
Macy's ended its seven-month decline on December 22, when it bottomed at $34.05.
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