M - Why Macy's Stock Is Rising Today
Shares of troubled retailer Macy's (NYSE: M) were rising on Monday amid growing optimism that the company might weather the coronavirus pandemic -- and if so, that it could stand to gain market share from wounded rivals.
As of 3:15 p.m. EDT, Macy's shares were up about 11% from Friday's closing price.
Last week, CNBC reported that Macy's has been working on a deal in which it would pledge assets in return for $5 billion in funding to help weather the COVID-19 outbreak. As reported, it's likely to be two separate transactions: one that pledges Macy's inventory as collateral for a $3 billion loan, and a second that would see it pledge some of its real-estate holdings (but not its New York City flagship store) for another $2 billion.