Investors rewarded Walmart and punished Macy's after both released good news — here's why [CNBC]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: CNBC
Walmart and Macy's both had exceptionally good news for investors when they released their second-quarter earnings this week. The sales, profit and individual store sales growth at both retailers were better than Wall Street analysts expected, and Macy's even raised its forecast through the end of the year. The market reaction? Macy's shares spun into an almost free fall, closing down 16 percent for the day while Walmart rallied up 9.3 percent . While the profit margins at Macy's were slimmer than investors liked, there wasn't anything buried in its earnings that spelled trouble. Macy's struck me by how positive they were, and it was a very upbeat earnings call, Retail Metrics founder Ken Perkins told CNBC. The problem for Macy's investors was how much money they already made off the company over the previous 12 months. Before the department store chain reported earnings Wednesday, its shares had more than doubled, from $20.29 a year ago to a close of $41.8
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M
Earnings
- 2/27/24 - Beat
M
Sec Filings
- 3/27/24 - Form 4
- 3/27/24 - Form 4
- 3/27/24 - Form 4
- M's page on the SEC website