Why Macy's Stock Was Gaining This Week
Shares of Macy's (NYSE: M) were climbing higher this week after investors responded positively to news that Saks Fifth Avenue's e-commerce unit was seeking to go public early next year at a valuation of $6 billion, making Macy's business look more valuable by comparison. The news came after activist investor Jana Partners had urged Macy's in a letter last week to make a similar move, splitting its digital business from its brick-and-mortar stores.
As of Thursday at 2:05 p.m. EDT, the stock was up 9% for the week.
Image source: Macy's.
Source Fool.com