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Why Macy's Stock Soared Today

·2 min read
Why Macy's Stock Soared Today
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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. Macy's market cap ballooned to nearly $9 billion on the news that Saks was aiming for a $6 billion valuation on Saks.com -- triple the $2 billion valuation it gave the unit in March.