Why Macy's, Farmer Brothers, and Snap Jumped Today
The major benchmarks jumped markedly higher Tuesday, as investors appeared to shake off the uncertainty related to geopolitical concerns. The stock market gained more than three-quarters of a percent or more, led higher by the technology-heavy NASDAQ Composite, which gained more than 1%. Sentiment on Wall Street took on a bullish tone, with some companies doing even better. Macy's, Inc. (NYSE: M), Farmer Bros. Co. (NASDAQ: FARM), and Snap Inc. (NYSE: SNAP) were among the best performers of the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of department store owner Macy's were up more than 4% after the company made several announcements that gave investors hope for the beleaguered retailer. Macy's has hired Hal Lawton as its president, which will take effect Sept. 8. Lawton has a strong retail and e-commerce background, most recently as the senior vice president of eBay North America. Macy's also announced a major restructuring that will consolidate its merchandising, planning, and private brands into the same department. The company will put increased focus on customer insight and data analytics in order to be more nimble in a challenging retail environment. These moves seek to expand its online performance and improve its besieged same-store sales, which showed their 10th straight quarter of declines in its most recent financial report.
Image source: Macy's.
Source: Fool.com
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