According to Macy’s Inc (M), processing of payments via some credit and gift cards took more time than usual in the companys stores on Black Friday, a situation which led to a series of complaints by customers on Twitter. Most of the complaints cited faulty credit card machines in traditional stores as well as issues with on-line accounts.
Macy’s shares closed higher for a second consecutive trading session on Friday. The stock went up 2.13% ($0.44) to $21.07, after touching an intraday high at $21.64, or a price level not seen since October 23rd ($21.79).
In the week ended on November 26th the shares of the department store chain added 3.54% to their market value compared to a week ago, which marked a third consecutive period of gains.
The stock has extended its advance to 12.31% so far during the current month, following a 14.02% slump in October. The latter has been the sixth drop out of eight months and also the largest one since May.
For the entire past year, the shares of Macy’s Inc gained 2.37%. However, the stock has retreated 41.16% so far in 2017.
The slowdown in processing of credit card transactions reportedly began not long after a CNBC interview with Macy’s CEO Jeff Gennette, who said the department store operator performed better this year compared to 2016, had strong on-line demand and was positioned well for the holiday shopping season.
“We have added additional associates to the floor (and) are working to resolve the issue as quickly as possible”, Radina Russell, a spokesperson for Macy’s Inc, said in an emailed statement, cited by Reuters.
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Macy’s Inc’s stock price, have a median target of $22.50, with a high estimate of $36.00 and a low estimate of $16.00. The median estimate is a 6.79% surge compared to the closing price of $21.07 on November 24th.
The same media also reported that 15 out of 24 surveyed investment analysts had rated Macy’s Inc’s stock as “Hold”, while 4 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Macy’s stock are presented as follows:
R1 – $21.13
R2 – $21.18
R3 (Range Resistance – Sell) – $21.24
R4 (Long Breakout) – $21.41
R5 (Breakout Target 1) – $21.61
R6 (Breakout Target 2) – $21.69
S1 – $21.01
S2 – $20.96
S3 (Range Support – Buy) – $20.90
S4 (Short Breakout) – $20.73
S5 (Breakout Target 1) – $20.53
S6 (Breakout Target 2) – $20.45
By using the traditional method of calculation, the weekly levels of importance for Macy’s Inc (M) are presented as follows:
Central Pivot Point – $20.94
R1 – $21.77
R2 – $22.47
R3 – $23.30
R4 – $24.13
S1 – $20.24
S2 – $19.41
S3 – $18.71
S4 – $18.01
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