MAC - Why Macerich Stock Jumped 15% Today Despite No Company News
Shares of mall real estate investment trust (REIT) Macerich (NYSE: MAC) rose as much as 15% on Tuesday. By roughly 2:30 p.m. EDT, the stock had given back some of that gain but was still sitting with an 11.5% or so advance. There was no news out of the company, which is set to report earnings before the open on Wednesday. Investors are likely expecting good things, however, thanks to the earnings news out of peers Tanger Factory Outlet Centers (NYSE: SKT) and Simon Property Group (NYSE: SPG) , both of which have already reported earnings so far this week.
From a big-picture perspective, 2020 was a terrible year for mall owners like Macerich, Simon, and Tanger. The pandemic resulted in nonessential businesses being shut down and consumers being asked to practice social distancing. Investors shunned mall stocks and for good reason, as the year was financially brutal. All three of these REITs trimmed or suspended their distributions. But things have started to turn a corner.
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Why Macerich Stock Jumped 15% Today, Despite No Company News