M - Macy's, Inc.
6.90 -0.06 (-0.86%)
Pre-Market: 7:13AM EDT
Chart Events
Momentum
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 6.37 |
| Open | 6.42 |
| Bid | 6.91 x 27000 |
| Ask | 6.96 x 21500 |
| Day's Range | 6.30 - 7.04 |
| 52 Week Range | 4.38 - 23.40 |
| Volume | 63,202,850 |
| Avg. Volume | 37,030,359 |
| Market Cap | 2.155B |
| Beta (5Y Monthly) | 0.67 |
| PE Ratio (TTM) | 2.25 |
| EPS (TTM) | 3.10 |
| Earnings Date | Jul 01, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Mar 12, 2020 |
| 1y Target Est | 6.19 |
Fair Value
Related Research
- Bloomberg
How Businesses Can Navigate the Minefield of Social Unrest
(Bloomberg Opinion) -- One of the more popular sentiments expressed on Twitter over the weekend was that the astronauts who left Earth on Saturday made a good choice. After months of suffering from a global pandemic that has caused mass unemployment, school shutdowns and over 100,000 deaths, Americans are now reeling from a wave of nationwide protests following the death of a black man at the hands of Minneapolis police. What should companies say and do amid events so fraught that many people would prefer not to be on the planet?“It’s always risky for brands to weigh in on deep social unrest,” says reputation-management guru Helio Fred Garcia, president of Logos Consulting Group. Companies have learned this the hard way before — such as when Starbucks Corp. hatched an ill-advised effort to encourage people to talk about racism with their baristas in 2015 and when PepsiCo. Inc. launched a widely excoriated commercial about social activism featuring Kendall Jenner in 2017. Companies were reminded of that risk again on Saturday after National Football League Commissioner Roger Goodell received fierce backlash for expressing support for the protesters. His statement was viewed as insincere by many after the experience of Colin Kaepernick, a player who has not been signed by a team since 2017 after protesting racism and police brutality.So companies can start by taking a look in the mirror. Facebook Inc., for example, needs to do some hard thinking about its policies after choosing not to flag a Facebook version of a Twitter post by President Donald Trump threatening to shoot looters. That decision has staffers so upset that some staged a virtual walkout Monday. (Chief Executive Officer Mark Zuckerberg acknowledged in a post that his company must do more to “ensure our systems don't amplify bias.”) Companies should be prepared to answer questions — from employees, the news media and other stakeholders — about how they can do more to fight racism and promote diversity.Leaders should also communicate with employees who are on edge, seeking their feedback on how they can better promote diversity, address employee concerns, and fight unconscious bias and other forms of racism. But while every organization should be having these conversations internally, companies should proceed cautiously before publicly wading into the protests.Speaking out publicly comes with two risks. The first is that such efforts will be perceived as self-serving. Many television commercials referencing the coronavirus, for example, have been panned as thinly veiled efforts to use the pandemic to promote consumer spending. The second risk is that commercials or other statements of public support will only remind the public of a company’s record of inaction (the Pepsi commercial) or dubious actions (the NFL). Indeed, a 2016 study by Weber Shandwick and KRC Research found that public activism boosts a company's reputation when it is related in some way to what a company is already doing — but it backfires when it is perceived as discordant with a company's business. If a company has a well-established record of openly fighting racism, speaking out publicly now will be perceived as credible. And if a company — or its employees or stakeholders — has been drawn into the fray, the public will expect it to say something. Garcia notes that companies whose stores have been damaged in the protests will be expected to respond. Macy’s Inc.’s flagship store in New York’s Herald Square was looted Monday night, and the company would be wise to respond compassionately. Designer Marc Jacobs offered a laudable example for other retailers to follow after one of his own stores was damaged:View this post on Instagram A post shared by Marc Jacobs (@themarcjacobs) on May 31, 2020 at 9:38am PDTOf course, many other executives will be tempted to join the bandwagon to express support for fighting systemic racism. But they should start by taking action. Companies including Verizon Communications Inc., Intel Corp., Facebook, Peloton Cycle Inc. and Levi Strauss & Co. have all announced major monetary contributions to organizations that promote social justice. Such donations — along with changes to corporate practices — are the place to start.Once an organization has firmly established a record of supporting racial equality, it can authentically join the public conversation. But without such actions, attempts to generate positive publicity by tying corporations to the cause will be more likely to be perceived as shallow and self-serving, generating backlash that may leave more chief executives wanting to leave the planet. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Kara Alaimo is an associate professor of public relations at Hofstra University and author of “Pitch, Tweet, or Engage on the Street: How to Practice Global Public Relations and Strategic Communication.” She previously served in the Obama administration. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Yahoo Finance
Why looting, protests and COVID-19 haven't pounded the stock market
Here's why stocks continue to be in rally mode despite the horrors sweeping America right now.
- MarketWatch
States reopen after coronavirus lockdowns: More states are letting bars reopen, N.J. announces further loosening
New Jersey took a big step Monday toward reopening more businesses — in two weeks. The announcement comes as a number of states eased restrictions imposed to fight the spread of the coronavirus more than two months ago.
- MarketWatch
In New York, peaceful daytime protests give way to chaos as night falls
New York City imposed a late-night curfew Monday as officials tried, unsuccessfully, to prevent another night of destruction amid protests over George Floyd’s death.
- Moody's
Citigroup Commercial Mortgage Trust 2016-P3 -- Moody's affirms six classes of CGCMT 2016-P3
Moody's Investors Service, ("Moody's") has affirmed the ratings on six classes in Citigroup Commercial Mortgage Trust 2016-P3. Moody's received full year 2018 operating results for 100% and full or partial year 2019 operating results for 100% of the pool (excluding specially serviced and defeased loans).
- Moody's
Summer (BC) Holdco A S.a r.l. -- Moody's changes outlook on Kantar's ratings to negative
NOTE: On June 2, 2020, the press release was corrected as follows: In the second sentence of the second paragraph the word outstanding was added to the amount description for the Senior Unsecured notes issued by Summer (BC) Holdco A S.a r.l.. Revised Release follows. London, 29 May 2020 -- Moody's Investors Service, ("Moody's") has today changed the ratings outlook to negative from stable for Kantar Global Holdings S.� r.l.
- Yahoo Finance Video
Markets volatile amid growing civil unrest
Yahoo Finance’s Brian Sozzi and Alexis Christoforous discuss today’s market action with Heritage Capital President Paul Schatz
- Barrons.com
Shopping for Macy’s Shares? Better Tread Carefully
While Macy’s stock gained 22% last week, a complex debt deal and sagging sales are reminders that all isn’t well with the department-store chain.
- Moody's
GS Mortgage Securities Corporation II Commercial Mortgages Pass-Through Certificates Series 2010-C1 -- Moody's places on review for possible downgrade and downgrades classes in GSMS 2010 C1; ratings remain on review
Rating Action: Moody's places on review for possible downgrade and downgrades classes in GSMS 2010 C1; ratings remain on review. Global Credit Research- 29 May 2020. Approximately $128 million of structured ...
- InvestorPlace
Why Macy’s Stock Can Climb 70% Higher in 2020
Shares of mall retail giant Macy's (NYSE:M) have plunged over the past three months, as the novel coronavirus pandemic has temporarily shuttered all of the company's stores and killed consumer discretionary spending. Macy's stock has dropped from $16 before Covid-19 struck, to $7 today.Source: digitalreflections / Shutterstock.com But everything is starting to change for Macy's.That is, it appears the worst of the Covid-19 crisis is in the rear-view mirror. Over the next few months, the economy will likely re-open, consumers will start spending again, and Macy's majorly depressed growth trends will recover.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAs they do, beaten-up Macy's stock will rebound. And not by a little. By a lot. By potentially 70%.Here's why. America Is Open AgainThe coronavirus pandemic has been an awful tragedy that required all of our resources to fight. But it appears that the worst is over, and that better times are ahead. * 7 Red-Hot Vaccine Stocks Racing to Develop a Coronavirus Cure Simply consider: * The science surrounding Covid-19 has gradually shifted, with the most recent data suggesting that the virus is not as deadly as initially feared, and rather only slightly more deadly that the common flu for most individuals under the age of 50. * Given shifting science, pandemic hysteria is fading, as the number of Americans that categorized themselves as "extremely worried" about Covid-19 has dropped from 28% in late March, to 23% in late May, according to a Statista survey. * The economy is gradually reopening, with states such as Arizona, Georgia, Florida and Texas getting back to "business as usual." * The economic reopening has illustrated that there is ample pent-up demand from consumers, as beaches and restaurants were very crowded this past Memorial Day weekend.Against that backdrop, it should be no surprise that Macy's delivered a bullish update recently: the select few stores the company has reopened, which were expected to be hit with traffic headwinds for the next several months, are already operating at approximately 50% normal traffic levels.In other words, America is open again, and Macy's is back in business.Over the next few months, economic activity will continue to normalize, consumer spending trends will continue to improve, Macy's growth trends will continue to recovery, and Macy's stock will keep rebounding. 70% Upside?Zooming out, the long-term bull thesis on Macy's stock isn't great.The company's share of the U.S. retail market share has consistently eroded over the past few years amid: 1) a pivot towards e-commerce, 2) declining mall traffic and 3) a lack of initiative at Macy's to develop omni-channel tools to fend off secular headwinds. Amid declining sales, margins have struggled, too, and profits have been decimated.Still, Macy's is a stalwart of mall apparel shopping. While demand for mall apparel shopping may gradually decline over the next few years, it won't altogether to disappear. Assuming Macy's can leverage new multichannel initiatives to win over lost sales from bankrupt peers like Sears and J.C. Penney, the company's sales trends should be able to stabilize in the 0-1% growth range over the next few years.Against that mild revenue growth backdrop, margins should stabilize, too, and perhaps even rise some as management closes stores and guts the expense base.If so, then my modeling suggest that $1.75 is a doable earnings-per-share target for Macy's by 2025. Over the past 10 years, this stock has averaged a 10-times forward earnings multiple. Based on that average multiple and a 10% annual discount rate, $1.75 in 2025 earnings per share implies a fair 2020 price target for Macy's stock of about $12.That's 70% higher than where shares trade today. Bottom Line on Macy's StockMacy's stock isn't a long-term winner. But the stock was beaten up to unreasonably cheap levels amid the coronavirus pandemic on concerns that the world would never be normal again.Well, the world is in the process of going back to normal now. As the world does normalize over the next few months, significantly undervalued Macy's stock will stage a big comeback, alongside these other beaten-up stocks to buy amid this reopening rally.Luke Lango is a Markets Analyst for InvestorPlace. He has been professionally analyzing stocks for several years, previously working at various hedge funds and currently running his own investment fund in San Diego. A Caltech graduate, Luke has consistently been recognized as one of the best stock pickers in the world by various other analysts and platforms, and has developed a reputation for leveraging his technology background to identify growth stocks that deliver outstanding returns. Luke is also the founder of Fantastic, a social discovery company backed by an LA-based internet venture firm. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post Why Macy's Stock Can Climb 70% Higher in 2020 appeared first on InvestorPlace.
- Moody's
GS Mortgage Securities Trust 2010-C1 -- Moody's places on review for possible downgrade and downgrades classes in GSMS 2010 C1; ratings remain on review
Rating Action: Moody's places on review for possible downgrade and downgrades classes in GSMS 2010 C1; ratings remain on review. Global Credit Research- 29 May 2020. Approximately $128 million of structured ...
- Bloomberg
Covid-19 Reinforced Our Coffee Addiction
(Bloomberg Opinion) -- The IPO market just got a shot of caffeine from JDE Peet’s BV. Don’t expect other consumer listings to get such a rush.The owner of Peet’s Coffee, Douwe Egberts, Kenco and Tassimo on Friday priced shares in its initial public offering at 31.50 euros, in the upper half of the offering range, valuing the company at 15.6 billion euros ($17.3 billion), and rose to about 35.50 in mid-morning trading.The biggest European IPO this year, pulled off in a swift 10 days, is a remarkable feat for a consumer business in the midst of a pandemic and a looming global recession. But JDE Peet’s has been uncannily well-placed to capitalize on changing consumer habits during lockdown, the prospects for reopening and a resurgence in equity markets. The Dutch company was floated by JAB Holding Co., the investment fund backed by Germany’s billionaire Reimann family. Cornerstone investors, including funds run by George Soros’s firm, had agreed to take up a third of the offering, setting the tone.In a world crowded with coffee chains, JDE Peet’s gets 80% of its sales from coffee that is drunk at home. That meant it benefited as corner cafes shuttered and people working from home were forced to become their own baristas. Now that they can start going out again, it’s ready to serve them their favorite hot beverage too at the Peet’s Coffee chain. And just as Nestle SA benefited from people looking to stock up on the Starbucks-branded coffee it sells in supermarkets, so JDE Peet’s may gain new customers at its cafes if they discovered its products in the grocery store during lockdown. As consumers navigate post-lockdown life, JDE Peet’s looks well insulated. That may explain why the valuation, as of mid-morning trading, is approaching that of Starbucks Corp. on a calendar 2019 enterprise-value-to-Ebitda basis. With consumers likely pulling in their purse strings, homemade coffee may be more popular than pricey takeaway lattes. Yet the valuation may also reflect optimism about reopening, and expectations that people will be eager to get out and about. Early indications from U.S. retailers, such as discount-chain owner TJX Cos Inc. and even department store Macy’s Inc., are that sales have been stronger than expected since Americans were able to shop in person once again.And let’s not forget about the IPO timing with stock markets gaining from their lows in March. That may be one reason why Peet’s was so keen on an accelerated book build: to avoid any sudden market turbulence.The fortunate confluence of factors may not come together for other consumer-facing groups looking to float or spin off a division. L Brands Inc.’s desire to eventually separate its Victoria’s Secret lingerie chain comes to mind. It was grappling with a tired image and too many stores even before the Covid-19 outbreak.As for Peet’s, the successful float leaves it with firepower for further acquisitions. It plans to use the proceeds to cut debt — it aims to reduce the leverage ratio from 3.6 times to below 3 times by the end of the first half of 2021 — but it gets an acquisition currency in the form of equity.Competition for coffee assets has been intense. There was a flurry of deals two years ago with JAB’s $2 billion purchase of Pret A Manger, which sells coffee as well as food to go; Coca-Cola Co.’s $5.1 billion swoop on Costa Coffee; and Nestle’s $7 billion deal for the rights to sell Starbucks coffee in supermarkets.But JDE Peet’s could get lucky here, too, particularly in the market for drinking coffee outside the home. With the lockdown-induced distress in malls and on main streets, it may be able to grab something to go for a better price.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Barrons.com
A Bad Earnings Report for Nordstrom Is Good Enough to Lift the Stock
Disappointing top- and bottom-line results isn’t great news. Yet given how poorly the department-store group has fared, investors may be relieved that today’s report wasn’t worse.
- Moody's
CBL & Associates Limited Partnership -- Moody's downgrades CBL's corporate family rating to Ca; outlook remains negative
Moody's Investors Service, ("Moody's") has downgraded the ratings of CBL & Associates Limited Partnership ("CBL"), including the corporate family rating to Ca from Caa1 and senior unsecured debt to C from Caa3. The rating downgrade reflects Moody's expectation that CBL's liquidity profile will erode rapidly in the next two quarters. The prolonged disruption in retail activities as a result of the coronavirus pandemic will lead to further deteriorating tenant credit profile, a significant challenge for CBL before the pandemic, given CBL's sizable exposure to distressed and defaulted retailers in its top 25 tenant list.
- Bloomberg
$1 Trillion of Corporate Bonds Today, Downgrades Tomorrow
(Bloomberg Opinion) -- The amount of new debt issued this year in the U.S. investment-grade corporate bond market will reach $1 trillion today, by far the fastest pace in history. The implications of that milestone depend on how you look at it.For businesses that had been ravaged by the coronavirus pandemic and the ensuing nationwide lockdowns, access to capital markets was a lifeline to get through the worst of the economic collapse. Sure, Carnival Corp. had to offer interest rates like a junk-rated borrower and Boeing Co. needed to include a so-called coupon step-up provision to offset jitters that it could lose its investment grades. But, in the words of Federal Reserve Chair Jerome Powell, these deals avoided turning “liquidity problems into solvency problems” for brand-name American companies.It’s worth remembering that until the Fed stepped in with extraordinary support for credit markets, averting widespread failures was far from guaranteed. Investors pulled a staggering $35.6 billion and $38 billion from investment-grade funds in the weeks ended March 18 and March 25, respectively. Before 2020, the previous record was $5.1 billion of outflows. I wrote on March 19 that bond markets were veering into a vicious cycle that could get ugly in a hurry — four days later, the Fed announced what would end up becoming a $750 billion backstop for corporate America.Now, the Fed hasn’t actually had to buy any individual bonds yet, a fact that Powell seems proud to share. “We may have to be lending money to those companies, but even better, they can borrow themselves now, and a lot of that has been happening and that’s a really good thing,” he said during May 19 testimony before the Senate Banking Committee.Most people would probably agree with that assessment, at least for the immediate future as the country grapples with restarting the world’s largest economy. But what about the longer-term view?Here, the rampant borrowing paints a more sobering picture. As of late April, 1,287 issuers worldwide rated between AAA and B- by S&P Global Ratings were considered at risk of a potential downgrade, up from 860 in March and 649 in February. That surpasses the previous all-time high set in 2009. “Generally, we expect heavy credit erosion in coming months as issuers, especially those in the lower-rated spectrum come under heavy fire from poor earnings, continued difficulties in managing cost structures, and market volatility creating limited funding opportunities,” said Sudeep Kesh, head of S&P’s credit markets research.That’s bad enough, but doesn’t even strike at the heart of the issue. Last year was supposed to be the beginning of a broad “debt diet” among companies that borrowed huge sums to finance mergers and acquisitions during the longest expansion in U.S. history. That didn’t end up taking place on a wide scale. Even a success story like AT&T Inc., which made headway in trimming its debt stack, still found itself back in the bond market recently, borrowing $12.5 billion on May 21 in what was the biggest deal since Boeing’s $25 billion blockbuster offering.When it comes to companies directly impacted by the coronavirus pandemic or structural changes to their industries, the “big three” of S&P, Moody’s Investors Service and Fitch Ratings haven’t shied away from taking action. Ford Motor Co., Kraft Heinz Co., Macy’s Inc. and Occidental Petroleum Corp. are just a few of the “fallen angels” that lost their investment grades earlier this year.The rating companies haven’t been quite as keen to react to high leverage metrics. I frequently refer back to this feature from Bloomberg News’s Molly Smith and Christopher Cannon, which found that of the 50 biggest corporate acquisitions in the five years through October 2018, more than half of the acquiring companies increased their leverage to a level that would seemingly merit a junk rating but remained investment grade on the assumption that they’d take that leverage down in the coming years. Those expectations seemed ambitious in 2018, when the economy was seemingly invincible. Now, no one can truly expect companies to focus on right-sizing their debt. Corporate leaders are rightfully eager to raise cash to get to the other side of the pandemic, especially with all-in yields not far off from record lows. The vast majority of the $1 trillion in borrowing so far this year was by no means imprudent.In the years ahead, however, the overhang from this issuance spree will inevitably weigh down credit ratings. A company with more debt presents a greater risk of missed interest payments than if it had fewer fixed obligations. Fortunately, for much of the previous expansion, firms had no issue finding investors willing to buy their long-term securities. That practice of rolling over debt and extending maturities might very well be the norm in the months and years ahead, too. Still, if the first five months of 2020 are any indication, investment-grade bondholders will have to get comfortable with even more bloated balance sheets and the prospect of further credit downgrades. For better or worse, with the confidence that the Fed has their back, that seems like a risk investors are willing to take.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Moody's
GS Mortgage Securities Trust 2016-GS3 -- Moody's affirms eight classes of GSMS 2016-GS3
Moody's rating action reflects a base expected loss of 6.3% of the current pooled balance, compared to 3.5% at Moody's last review. Three loans, constituting 22.0% of the pool, have investment-grade structured credit assessments.
- Benzinga
Macy's Announces Pricing Of Its $1.3B Debt Offering As Shares Jump 26%
Macy's Inc. (NYSE: M) on Wednesday announced it has priced a $1.3 billion debt offering at an interest rate of 8.375%.The amount to be raised is $200 million above what the retailer stated earlier on Tuesday. Macy's said the offering for the 5-year bonds is expected to close on June 8.The Cincinnati-based company said the funds raised would be used to repay all outstanding amounts under an existing revolving credit facility.JPMorgan Chase & Co. (NYSE: JPM), Goldman Sachs Group Inc. (NYSE: GS), Bank of America Corp. (NYSE: BAC), and Credit Suisse Group AG (NYSE: CS) acted as book runners for the offering, according to the Wall Street Journal.Retailers Kohl's Corporation (NYSE: KSS) and Nordstrom Inc. (NYSE: JWN) also raised funds in bond offerings in recent week.Macy's stock posted its largest percentage gain in a day on record on Wednesday, as earlier noted by MarketWatch.The jump came as interest in the debt offering showed that investors are still optimistic about a recovery in the retail sector. Macy's has been among the retailers that struggled to return profit even ahead of the novel coronavirus (COVID-19) pandemic.Macy's shares closed 19.6% higher at $7.38 on Wednesday and added another 7% in the after-hours session at $7.90.See more from Benzinga * Macy's Downgraded From S&P 500 To SmallCap 600 Index As Company's Market Cap Shrinks To .5B(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- MarketWatch
Macy's stock posts the largest percentage gain on record
Macy's Inc. shares surged during the regular session Wednesday, in the largest percentage gain on record, according to Dow Jones Market Data. Macy's shares rose 19.6% Wednesday to close at $7.38. Wednesday's close was the stock's highest since March 13, 2020. Macy's stock has fallen 56% this year as the S&P 500 index has dropped 7.4%.
- Business Wire
Macy’s, Inc. Announces Pricing of Offering of Senior Secured Notes
Macy’s, Inc. (NYSE:M) (the "Company" or "Macy’s") announced today the pricing of an offering (the "Offering") of $1.3 billion aggregate principal amount of 8.375% senior secured notes due 2025 (the "Notes") in a private offering at an offering price of 100% of the principal amount thereof, which represents a $200 million increase in the previously announced size of the Offering. The Notes will be senior, secured obligations of the Company. The Notes will be secured on a first-priority basis by (i) a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s that has been or will be transferred to subsidiaries of Macy’s Propco Holdings, LLC, a newly created direct, wholly-owned subsidiary of Macy’s ("Propco") and (ii) a pledge by Propco of the equity interests in its subsidiaries that own or will own such transferred real property (together, the "Collateral"). The Notes will be, jointly and severally, unconditionally guaranteed on a secured basis by Propco and its subsidiaries and unconditionally guaranteed on an unsecured basis by Macy’s Retail Holdings, Inc., a direct, wholly-owned subsidiary of Macy’s.
- Yahoo Finance
How toilet paper and hand sanitizer may surprisingly save these 3 retailers
Post coronavirus it's all about location. Location, Location.
- Motley Fool
Why Macy's, Gap, and Other Retailers' Stocks Are Up Today
Shares of several brick-and-mortar retailers were trading higher on Wednesday morning as the broader market rallied for a second day on rising optimism about the post-pandemic economy. Designer Brands (NYSE: DBI) was up 5.2%. Gap (NYSE: GPS) was up 5.5%.
- Barrons.com
Macy’s Is Gaining, Disney Is Higher, and Hope for Back-to-Work Payments Is Lifting the Dow
Stock in Macy’s, Walt Disney, and Boeing gained ground as all three companies revealed responses to the coronavirus crisis.
- Financial Times
Macy’s: land grab
Would it be Thanksgiving without the parade down Broadway sponsored by Macy’s? Macy’s is no different. Macy’s owns many of its store locations and could have exited or de-emphasised its business model as a clothes merchant.
- Barrons.com
Macy’s Bond Deal Will Raise Cash, and Risks for Investors
The department store wants to sell $1.1 billion of bonds backed by real-estate holdings, but it is just one step in a series of complex changes that mean investors should take extra caution.
