Macy's Higher After Mixed Q4 Report
Macy's Inc (NYSE:M) shares are trading higher by $1.10 (2.3 percent) at $33.40 in Tuesday's session. The Street is focusing on its EPS beat of $0.06 as opposed to its revenue shortfall of $10 million and the fact that the company expects sales to continue to decline.
After a higher open, it retreated but found support just above Friday's close ($32.30), reaching $32.42 and resumed its move higher.
So far, the ensuing rally has taken Macy's stock to $33.49 and it's not far off that level. That marks the highest level for the issue since it spiked on February 3 to $34.37, when rumors circulated that it was being targeted as a takeover prospect by Canada's Hudson Bay.
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