Macy's Lower After Q1 Miss

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.''Macy's (NYSE: M) shares are trading lower $1.20 at $64.13 in Wednesday's session. The catalyst for the decline is a Q1 miss for EPS ($0.56 vs. Est. $0.62) and for revenues ($6.23B vs. $6.32B). The company did reaffirm FY 2015 estimates at $4.70-$4.80 and added to its buyback plan by $1.5B.The issue, which just made it's all time high on April 8 at $69.98 had drifted down to $63.54 on May 6 before rebounding last Friday to $66.85 but ended the session at $65.94. After struggling with $66 level on Monday and Tuesday, peaking at $66.30 and $65.75 it settled Tuesday at $65.33.Both the Ma7 6 low ($63.54) and Tuesday's close ($65.33) have been relevant levels in today's volatile session. After a lower open ($63.75), it rebounded and came within $0.03 of the close, only reaching $65.30. From there, it crumbled and made a new low for the day at $63.37 before rebounding back into the $64 handle.