Macy's Stock Has Surged 107% Since April and Could Double Again
The department-store industry has been among the biggest losers during the COVID-19 pandemic. Macy's (NYSE: M) has been no exception.
The top U.S. department-store chain had to close all of its stores in March, and many didn't fully reopen for business until the summer. Even after stores reopened, customer traffic remained severely depressed due to COVID-19 concerns, weak demand for apparel, and a massive drop in tourism in the big cities where the company has flagship stores.
Fearing the worst, investors dumped Macy's stock as the pandemic took hold in March. On April 1, the stock closed at a multidecade low of just $4.43. However, since then, Macy's stock has jumped 107%. Much of those gains have come this month, thanks to positive news about two vaccine candidates.
Source Fool.com
