TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said Macy's (M - Get Report) had a good quarter, but acknowledged that the stock had been rising prior to the release of the earnings Wednesday.

"Macy's was good - Bloomingdale's was good and Blue Mercury were good," Cramer noted. "They have very little inventory which determines how they will do in the future."

Macy's stock slumped 12.7% in midday trading Wednesday to $36.54 a share.