NEW YORK (TheStreet) -- Investors bought a little Macy's (M) Tuesday. Shares of the retail giant rose ahead of its earnings report Wednesday before the bell.
StockTwits.com users expect that the retail giant will report better-than-expected results.
$M Tempting to buy a few calls...? Alex Simonelis (@alexsimonelis) May. 13 at 02:24 PM
The stock rose 0.78% Tuesday. Analysts expect 59 cents in earnings per share on $6.46 billion in sales, according to stats on Yahoo Finance. The stock closed at $57.84 on Tuesday.
The StockTwits community pointed to recent retail sales reports as evidence that results and, more importantly, guidance, would be strong. Pent-up demand from the snowy winter boosted the current quarter and will lead to good guidance from many retailers, they said.
Investors also pointed to Macy's recent post-earnings stock performance as evidence that the company likes to set expectations so it can impress during earnings. The stock rose nearly 4% in the first month after the prior earnings announcement.