Sunday, December 17, 2017

Why I Am Bullish On $M Earnings Tomorrow…

This past week we have seen good retail reports from Michael Kors Hldg (KORS) and horrible reports from Fossil Grp Inc. (FOSL). This is the first quarter in recent history where there has been a mix, both good and bad earnings. Over the last few quarters, it has just been bad for every retailer. So what makes me bullish on Macy’s Inc (NYSE:M), who reports tomorrow morning before the market opens? The answer can be found in the stock chart. While still near its multi-year lows, the stock has inched over the daily 20 and 50 moving averages. In addition, the stock has been consolidating for the last week, making a bullish flag pattern. This pattern increases the odds of a surge on earnings. Being a stock chart trader and investor, I am using that to my advantage. I am strongly bullish on Macy’s Inc into earnings tomorrow. The company is expected to report earnings of $0.45 on $5.49 billion in revenue. The real key will be margins and guidance going forward.

Gareth Soloway

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