Macy’s shares close flat on Wednesday, 80 000 temporary workers to be hired for holiday shopping season

September 13, 2018 7:39 am

According to an announcement by Macy’s Inc (M) on Wednesday, 80 000 temporary workers will be hired to handle extra client traffic during the busy holiday shopping season, which begins a day after Thanksgiving and goes on into early January.

In 2017, the exact number of temporary workers had been hired initially, after which the company hired 7 000 more in December.

Macy’s shares closed flat at $36.39 during the trading session in New York on Wednesday. The stock touched an intraday high at $37.23, or a price level not seen since August 24th ($37.95).

Shares of Macy’s Inc have surged 44.46% so far in 2018 compared with an 8.05% gain for the underlying index, S&P 500 (SPX).

In 2017, Macy’s stock retreated 29.66%, thus, it underperformed the S&P 500, which registered a 19.42% return.

As many as 23 500 of the seasonal job positions, or 31% more compared to last year, are to be based in fulfillment centers in order to support on-line orders, Macy’s said.

According to CNN Money, the 16 analysts, offering 12-month forecasts regarding Macy’s Inc’s stock price, have a median target of $37.50, with a high estimate of $44.00 and a low estimate of $25.00. The median estimate represents a 3.05% upside compared to the closing price of $36.39 on September 12th.

The same media also reported that 12 out of 19 surveyed investment analysts had rated Macy’s Inc’s stock as “Hold”, while 4 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Macy’s stock are presented as follows:

R1 – $36.49
R2 – $36.59
R3 (Range Resistance – Sell) – $36.69
R4 (Long Breakout) – $37.00
R5 (Breakout Target 1) – $37.35
R6 (Breakout Target 2) – $37.50

S1 – $36.29
S2 – $36.19
S3 (Range Support – Buy) – $36.09
S4 (Short Breakout) – $35.79
S5 (Breakout Target 1) – $35.43
S6 (Breakout Target 2) – $35.28

By using the traditional method of calculation, the weekly levels of importance for Macy’s Inc (M) are presented as follows:

Central Pivot Point – $35.78
R1 – $36.52
R2 – $37.52
R3 – $38.26
R4 – $38.99

S1 – $34.78
S2 – $34.04
S3 – $33.04
S4 – $32.03

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