Yesterday (Thursday, August 19), we posted an article discussing Macy’s ($M) stellar earnings report, and their revitalization of nationally beloved Toys ‘R Us. Since then, Macy’s has seen number of price target (PT) upgrades from analysts. The image below (taken from the Unusual Whales Live News Flow tool), shows upgrades from institutions such as JPMorgan ($JPM), Morgan Stanley ($MS), and ($CS), with targets ranging from $19 to $27.
Macy’s stock price rose to over $22 by mid-day, following a brief but dramatic dip in the AM.
(SPOT) Spotify stock price is also making moves today, following an announcement that the company’s Board of Directors has authorized a share repurchase program of 10 million shares, amounting up to $1b in value, pinged early this morning by the Unusual Whales Live News Flow Tool. This definitely highlights the Board’s conviction in Spotify’s future.
Given the sizeable bullish put sells pictured below, the market seems to agree with their sentiment.
A number of other companies also announced stock buybacks and stock buyback updates last night and this morning, including:(MRIN) Marin Software with a $50m buyback, MRIN stock price was up 10% to $5.30 at time of writing, having reached an AM high of over $5.80.(WNC) Wabash National announced an additional $150m in buybacks by August 2024; stock up +4.32% at the time of writing to $15.10.