Today’s chart shows a big-name retailer that’s making a slight rebound…
Regular readers are familiar with Steve’s “bad to less bad” trading strategy for buying cheap, hated assets. After shares have plunged, you don’t always need a complete turnaround to make quick, impressive gains… All you need is for things to get “less bad.” Today’s stock is a perfect example…
Macy’s (M) is an $8 billion retailer. Best known for its annual Macy’s Thanksgiving Day Parade, the company runs more than 700 stores under its three retail brands – Macy’s, Bloomingdale’s, and Bluemercury. Macy’s had to shut down many of those stores and enhance its online-shopping experience during the pandemic. But as states have reopened, folks are coming back out to shop… In the second quarter, Macy’s comparable-store sales (an important measure for retailers) jumped 61% year over year.
As you can see in today’s chart, Macy’s shares have bounced back well… They’re up roughly 300% over the past year. And they recently hit a fresh 52-week high. It just goes to show what can happen as things get “less bad”…
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Source: Daily Wealth’s Market Notes