Macy's, Inc. M shares are trading higher by $1.21 at $37.36. The issue tanked in after-hours trading when the company released sharply lower guidance and store consolidation.
The bad news was offset by cost efficiency plans with store closings and job cuts. In addition, the company will be exploring ways to make the most of its real estate holdings.
Despite trading under $35 in the after-hours session, the issue posted a slightly higher open. It had a brief retreat found support ahead of Wednesday's close ($36.15), only reaching $36.29.
The ensuing rally took the issue to $38.45 before falling back under $38. So far, Macy's has been a stellar performer in 2016 compared to the broad market as it ended 2015 at $34.98.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
