Why Kohl's Stock Was Climbing Today
Shares of Kohl's (NYSE: KSS) were moving higher today, though there was no direct news out on the department store stock. Instead, investors seemed to be reacting to a better-than-expected earnings report by Macy's (NYSE: M) and an insider buying the stock.
As of 11:02 a.m. ET, shares were up 5.3%.
Macy's, the country's biggest department store chain, topped earnings estimates in its second-quarter report, with a profit of a $1 per share against estimates of $0.85. It also beat revenue expectations, though comparable sales fell 1.5% in the quarter, and it slashed its full-year guidance as it sees consumer discretionary spending deteriorating in the second half of the year.
Source Fool.com
