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, 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.
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%.
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.