Macy's Stock: Should You Buy the Dip?
On Sept. 2, Macy's (NYSE: M) reported results for its fiscal second quarter ended Aug. 1 that far outpaced expectations.
That's not to say the results were good. Sales plunged 36% year over year due to store closures and depressed traffic in reopened locations, and the company posted an adjusted loss of $0.81 per share. However, analysts had expected Macy's to lose $1.77 per share. The Q2 loss per share also marked a huge improvement over the retailer's first-quarter adjusted loss of $2.03 per share.
Macy's stock rallied following the earnings report, ending that week at $7.65, up from $7.01 just before earnings. Since then, the stock has lost more than a quarter of its value, though, plummeting to a closing price of $5.67 on Tuesday.
Source Fool.com
