Macy’s: S&P 500’s Top Gainer on May 16

Top gainers

The S&P 500’s top gainers on May 16 were:

  • Macy’s (M) gained 10.8%.
  • Under Armour (UAA) gained 8.7%.
  • Under Armour Inc Class C (UA) gained 6.9%.
  • Western Digital (WDC) gained 4.9%.
  • Assurant (AIZ) gained 4.7%.

Macy’s: S&P 500’s Top Gainer on May 16

Macy’s 

Macy’s, which is an American department store chain, was the S&P 500’s top gainer on May 16. After declining for two consecutive trading weeks, Macy’s started this week on a stable note and moved higher as the week progressed. On Wednesday, Macy’s opened the day higher and surged to the highest daily close since March 2017.

First-quarter earnings

The buying pressure in Macy’s increased amid the release of strong earnings, sales, and fiscal outlook data. According to management, the EPS in the first quarter was $0.48, which is better than analysts’ forecasted adjusted EPS of $0.37. The revenues in the first quarter were $5.5 billion, which beat the forecast of $5.4 billion. The price was boosted by the 4.2% increase in the same-store sales—stronger than the expected growth of 1.4%.

Outlook

Management upgraded the fiscal EPS to $3.75–$3.95, which is higher than analysts’ projected EPS of $3.61. The sales are expected to increase 0.5% this year. The upbeat outlook improved the market sentiment on Macy’s. On May 16, Macy’s gained 10.8% and closed the day at $33.17. Macy’s is part of the Consumer Discretionary sector, which gained 0.83% on Wednesday.

Next, we’ll discuss the S&P 500’s top losses on May 16.