Macy's (M) shares soared in early trading, up about 7%. The retailer announced late yesterday that it will be cutting 2,500 jobs and closing five underperforming stores in the spring in order to cut costs. These moves are expected to save the company about $100 million a year. Macy's also reported same-stores sales for November and December rose 3.6%. The company raised its profit forecast for the year to $4.40 to $4.50 per share, well above analyst expectations. Macy's also received good news from BMO Capital which upgraded the retailer's stock to Outperform from Market Perform. Macy's shares are up more than 41% since this time last year.
Family Dollar Stores (FDO), sold off after the company reported earnings Thursday morning. The stock was down more than 7% in early trading. The company reported profits of $0.68 per share, missing estimates by a penny. Revenue rose 3.2% to $2.50 billion, missing estimates of $2.51 billion. Family Dollar is up more than 17% since this time last year.
Costco (COST) shares were up about 2% in early trading after the retail giant reported December same-store sales rose 3%, beating analyst estimates of a rise of 1.8%. The company also reported net sales for December rose 6% to $11.53 billion. Costco shares are up nearly 13% over the past 12 months.
Another stock to watch, T-Mobile (TMUS). The company announced the latest phase of its "Un-carrier" plan to lure customers away from rival carriers with credits of up to $650 per person. The company also announced it added 1.6 million new subscribers in the last three months of 2013. The stock is up about 70% in the last year.
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