Shares of Macy's (M) ended last week on a strong note. The retailer known from its two main brands, Macy's and Bloomingdale's, increased its current share repurchase authorization by $1.5 billion, prompting shares to trade higher.
Share Repurchase Announcement
Macy's board of directors announced the increase in the share repurchase authorization to $1.86 billion. The addition of $1.5 billion to the current repurchase program gives the company an authorization to retire up to 12.0% of the company's shares outstanding at current price levels.
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