Macy's Soars After Q3 EPS Beat And Raise

Macy's Inc. M shares are trading higher by $1.71 (10 percent) at $19.28 in Thursday's session.

The catalyst for the rally is a Q3 EPS beat of 4 cents on lower sales. The company raised its Q4 EPS outlook, but didn't do the same for sales.

See Also: Macy's Up, Kohl's Down Following Q3 Earnings

After a higher open, Macy's had a brief retreat to $17.80 before continuing its move higher. It has continued to make new highs for the session with the current one at $19.36 as of 12:57 p.m. EST. If the rally continues, the next resistance point based on the daily charts comes in at it November 1 high ($19.62).