Stock Market Earnings Reviewer (NYSE: M) :by Penny Stock Pick Report

Macy’s Inc (NYSE: M):Macy’s Inc shares are currently trading at $20.30 which is 1.07% lower than Wednesday’s closing price of $20.52. The company shares on Wednesday opened at $19.62 rose to daily high of $20.58, before falling to daily low of $19.43 and eventually closing at $20.52. Macy’s shares have 52 week price high of $25.25 and 52 week price low of $14.01. The company shares have 50 day moving average of $19.52 and 200 day moving average of $19.37. Macy’s shares have support and resistance levels of $19.03 and $21.73.

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Macy’s Inc one of the biggest chain of US departmental stores today revised its 2010 earnings forecast. The company whose second quarter profits surpassed analysts estimates revised and increased its earnings forecast for the second time in four months. The company revised its earnings outlook to range of $1.85 to $1.90, against previous guidance of $1.75 to $1.80. The Wall Street’s average earnings forecast for the full year is $1.87. Macy’s yesterday announced its financial results for the second quarter ended June 30 2010.

 The company announced net income of $147 million or 35 cents per share for the quarter compared to $7 million or 2 cents per share announced during the second quarter of 2009. Earnings of 35 cents per share beat analyst average estimate of 29 cents per share. Macy’s reported quarterly sales of $5.537 billion, which is up 7.2% compared to second quarter 2009 sales of $5.164 billion. The company reported 28.1% increase in online sales and announced it is due to open two new stores this quarter.

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 The company cited efficient inventory management, increased sales, improved margins and reduced expenses for a highly profitable quarter. Macy’s Inc early this month announced its sales for four weeks ended July 31 2010. The company reported sales of $1.528 billion for the four week period up 11% compared to sales of $1.376 billion reported for four weeks ended August 1 2009.

Macy’s Inc headquartered in Cincinnati is one of the biggest departmental store chains in the United Sates. The company operates over 850 departmental stores in 45 states under the names of Macy’s and Bloomingdale’s. The retail giant provides a wide range of merchandise to its customers such as cosmetics, home furnishings, men’s, women’s and children’s apparel and other consumer goods. The company caters to its customers through retail stores and websites.

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