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Why Macy's Stock Was Gaining This Week

·2 min read
Why Macy's Stock Was Gaining This Week
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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. Macy's shares surged on Monday after the news broke about Saks.