Macy’s Skyrockets on Wall Street After Quarterly Earnings Release

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Macy’s jumped 13.5 percent on the stock exchanges in New York on Thursday. The department store chain, which also includes Bloomingdale’s, has benefited from the return of customers to its stores as corona lockdown measures have been relaxed.

 

Macy’s posted more revenue and profit than analysts expected in the quarter. The US company also raised its full-year profit forecast, thanks in part to higher-than-expected revenues from the company’s credit card business.

Discount chains Dollar Tree and Dollar General also came with better than expected results and were rewarded with price gains of 19.4 and 16 percent.

Nvidia fell 5 percent. The chipmaker had a solid first quarter but released a disappointing outlook for the current quarter.

Shortly after opening, the Dow-Jones index rose 0.7 percent to 32,351 points. The broad S&P 500 rose 0.3 percent to 3,992 points and tech gauge Nasdaq lost 0.2 percent to 11,412 points.

Twitter rose 3.5 percent. Billionaire Elon Musk plans to take on a larger portion of the social media company’s acquisition price. Documents filed with the SEC show that his financial contribution to the Twitter deal is now $33.5 billion. The chief executive of electric car maker Tesla also reiterated his commitment to complete the $44 billion acquisition deal.

Apple fell 2 percent. Bloomberg news agency reported that the tech group has asked its suppliers to assemble about 220 million iPhones, about the same number as last year. Connoisseurs had counted on 240 million iPhones for this year. In addition, Apple reported raising wages for workers in the US by at least 10 percent.

VMware won 0.8 percent. Chip and software maker Broadcom is buying the cloud company for $61 billion in stock and cash. At the beginning of the week, VMware’s share price shot up amid reports of the impending acquisition deal.

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