Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Macy’s shares fall for a second straight session on Tuesday, company updates on Macy’s Backstage concept expansion

Macy’s Inc (M) disclosed on Tuesday updated information in regard to the expansion of its on-mall, off-price concept, Macy’s Backstage. According to a company press release, 20 Backstage locations have been opened during the first quarter.

Macy’s shares closed lower for a second consecutive trading session on Tuesday. The stock went down 1.06% ($0.33) to $30.74, after touching an intraday low at $30.13, or a price level not seen since April 25th ($29.91).

In the week ended on April 29th the shares of the department store chain added 7.44% to their market value compared to a week ago, which marked a second consecutive period of gains. It has also been the best performance since the week ended on April 1st.

The stock has retreated 1.06% so far during the current month, following a 4.47% surge in April. The latter has been a sixth straight month of gains.

For the entire past year, the shares of Macy’s Inc went down 29.66%, following a 2.37% surge in 2016.

The new openings represent part of a plan, which the company previously announced, involving the set-up of 100 locations within its existing stores during the current year.

In order to facilitate growth of its Backstage initiative, the department store chain also intends to establish a dedicated Backstage distribution center in Columbus, Ohio in late 2019.

“Macy’s has a strong business in Ohio, and we are excited to continue building our presence in the state”, Jeff Gennette, Macy’s Chairman and Chief Executive Officer, was quoted as saying in the press release.

“We are fueling the expansion of our Backstage concept by adding a new distribution center and creating 400 more Macy’s jobs in Columbus, Ohio. This new distribution center will enable us to move merchandise to our Backstage locations faster and with more flexibility.”

According to CNN Money, the 17 analysts, offering 12-month forecasts regarding Macy’s Inc’s stock price, have a median target of $31.00, with a high estimate of $36.00 and a low estimate of $21.00. The median estimate is a 0.85% surge compared to the closing price of $30.74 on May 1st.

The same media also reported that 11 out of 19 surveyed investment analysts had rated Macy’s Inc’s stock as “Hold”, while 3 – 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 – $30.88
R2 – $31.02
R3 (Range Resistance – Sell) – $31.16
R4 (Long Breakout) – $31.58
R5 (Breakout Target 1) – $32.07
R6 (Breakout Target 2) – $32.30

S1 – $30.60
S2 – $30.46
S3 (Range Support – Buy) – $30.32
S4 (Short Breakout) – $29.90
S5 (Breakout Target 1) – $29.41
S6 (Breakout Target 2) – $29.18

By using the traditional method of calculation, the weekly levels of importance for Macy’s Inc (M) are presented as follows:

Central Pivot Point – $31.45
R1 – $32.93
R2 – $33.68
R3 – $35.16
R4 – $36.65

S1 – $30.70
S2 – $29.22
S3 – $28.47
S4 – $27.73

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News