Go figure, Macy's stock is surging.
If you follow me closely, then you know that we had two retailers, Macy's (M) and Kohl's (KSS) , simply blow right through our upside price targets this week. Our personal discipline demands that we address this.
Let's look at Macy's. Our price target had been $38. The shares closed last night at $40.05, and will likely face some profit taking this morning.
Some Pitchfork. Relentless. Thinking about taking a profit? I am too. One thing slows me down. The shares go ex-dividend on June 14th, payable July 2nd. Oh, another thing in addition to the recent plethora of kind words coming from analysts... I don't know how many shorts covered yesterday, but my data shows 23% of the entire float being held in short positions. That's some serious depth on the bid side, kids.
Ride Macy's here, especially ahead of CEO Jeff Gennette's one-on-one interview with Jim Cramer at The Deal's corporate governance Thursday.
- New Price Target: $42, up from $38.
- New Panic Point: $32 up from $30.