Why Macy's Stock Jumped on Thursday
Shares of Macy's (NYSE: M) were up 12% as of 12:16 p.m. ET on Thursday after the department store surprised investors with better-than-expected earnings in the third quarter. The stock is down 15.5% year to date, which is outperforming the S&P 500 index.
Not only did Macy's outperform expectations, but management mentioned its inventory position is at "appropriate levels" heading into the holidays.
The stock has been steadily rising in recent months, as investors are seeing encouraging signs that Macy's turnaround strategy is working. Management said its brand position resonated with customers.
Source Fool.com
