Macy’s Stock Surges Despite Recent Decline

Key Highlights
Department store chain Macy’s (NYSE:M) reported 3rd Quarter FY2023 results beating Wall Street analysts' expectations , with revenue down 7.3% year on year to $5.04 billion. On the other hand, its full-year revenue guidance of $23.05 billion at the midpoint came in slightly below analysts' estimates. Turning to EPS, Macy's made a non-GAAP profit of $0.21 per share, down from its profit of $0.52 per share in the same quarter last year.

Shares of Macy’s Inc. shot up 12.4 percent to $14.17 in premarket trading on Thursday as the retailer showed some unexpected strength on the bottom line as it navigated a tough sales environment.

The company’s adjusted earnings per share fell to 21 cents in the third quarter from 52 cents a year earlier. Net income fell 60 percent to $43 million, or 15 cents a diluted share, from $108 million, or 39 cents, a year earlier. Revenues for the three months ended Oct. 28 decreased 7.8 percent to $5 billion from $5.5 billion a year earlier.

Technical Analysis
(NYSE: M ) is trading near the bottom of its 52-week range and below its 200-day simple moving average.

What does this mean?
Investors have been pushing the share price lower, and the stock still appears to have downward momentum.