Why Macy's Stock Soared Today
Shares of Macy's (NYSE: M) jumped Monday in part due to a report in The Wall Street Journal that Saks Fifth Avenue was aiming to take its e-commerce unit public at a valuation of $6 billion. Since Macy's is one of Saks' closest competitors, that news had investors upping their valuation of Macy's.
The stock closed the session up by 17.5%.
Image source: Macy's.
Source Fool.com
