What's Going On With Department Store Major Macy's Shares On Friday?
- Macy's Acquisition Bid: An investor group has increased its bid to purchase Macy’s for the second time, raising it by approximately $300 million to a total of around $6.9 billion.
- Board Changes and Engagement: Macy’s appointed two independent directors in April after concluding a proxy battle with Arkhouse, engaging with them on their buyout proposal and providing confidential information for due diligence.
- Financial Performance: Macy’s reported a decline in first-quarter sales in late May, missing Wall Street’s expectations, under the leadership of CEO Tony Spring who updated the company's outlook for the year.
- Stock Market Response: Macy’s shares are trading higher by 8.59% at $19.47 in premarket trading following the news of the increased acquisition bid.
- Investment Opportunities: Investors can gain exposure to Macy’s stock through Invesco S&P MidCap 400 Pure Value ETF RFV and SPDR S&P Retail ETF XRT.
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