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Why Macy's Stock Soared 20.7% Today

TheMotleyFool

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Why Macy's Stock Soared 20.7% Today: https://g.foolcdn.com/editorial/images/831888/cash.jpg

Shares of Macy's (NYSE: M) jumped on Wednesday, finishing the day up 20.7%. The surge came as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.5% and 1%, respectively.

The department store chain reported its Q2 earnings this morning, delivering numbers that crushed Wall Street's expectations and raised its full-year outlook.

The retailer reported Q2 adjusted earnings per share (EPS) of $0.41 on sales of $4.81 billion. Wall Street had been expecting just $0.18 a share on sales of $4.76 billion. That's a pretty significant earnings beat.

Source Fool.com