Macy's (M) NewsBite - M Upgraded By JP Morgan

Posted: Friday, November 06, 2009 9:59 AM EDT

Macy's (M) was upgraded today by analysts at JP Morgan and the stock is now at $18.59, up $0.57 (3.16%) on volume of 1,984,773 shares traded. The analysts upped M to Overweight from Neutral. Over the last 52 weeks the stock has ranged from a low of $5.07 to a high of $20.84. Macy's stock has been showing support around $16.42 and resistance in the $18.88 range. Technical indicators for the stock are neutral and S&P gives M a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on M the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 14 range. [ABR-Seven Summits Strategic Investments NewsBite]

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