On a bizarre day in the market, shares of Macy's (NYSE: M) were flying higher today while the rest of the market was crumbling. Macy's bounce came a day after investors mostly shrugged off a better-than-expected second-quarter earnings report, and could be a sign of a short squeeze as investors had been betting against the stock heavily coming into the report.
As of 1:01 p.m. EDT, the stock was up 11.2%, even as the S&P 500 index was down 3.5%.
Image source: Macy's.
Source Fool.com