Macy’s Inc said on Thursday that it has acquired the STORY concept store located in New York City. At the same time, STORY’s founder and Chief Executive, Rachel Shechtman, is to assume the role of brand experience officer at Macy’s.
Macy’s shares closed higher for a second consecutive trading session on Thursday. The stock went up 0.35% ($0.11) to $31.45, after touching an intraday high at $31.77, or a price level not seen since April 30th ($32.38).
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 extended its advance to 1.22% 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.
Shechtman is expected to report directly to Macy’s President Hal Lawton. As brand experience officer, Shechtman will be responsible for improving the in-store customer experience with the Macy’s brand.
“Rachel is a unique and innovative voice in retail, and we are thrilled to have the STORY team join the Macy’s family. Bringing Rachel’s perspective to the table will help create more enriched and engaging in-store experiences and brand activations”, Jeff Gennette, Macy’s Chairman and Chief Executive Officer was quoted as saying in the companys press release.
“We are committed to growth in 2018, and this is one important step along the way.”
Macy’s also said that STORY would continue operating as usual after the deal.
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 1.43% decrease compared to the closing price of $31.45 on May 3rd.
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 – $31.53
R2 – $31.60
R3 (Range Resistance – Sell) – $31.68
R4 (Long Breakout) – $31.91
R5 (Breakout Target 1) – $32.18
R6 (Breakout Target 2) – $32.30
S1 – $31.37
S2 – $31.30
S3 (Range Support – Buy) – $31.22
S4 (Short Breakout) – $30.99
S5 (Breakout Target 1) – $30.72
S6 (Breakout Target 2) – $30.60
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
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