Macy's Stock Surges After WSJ Report Of Buyout Talks

Shares of Macy's Inc. surged 5.8% in morning trade Friday after The Wall Street Journal reported that the department store chain was in buyout talks. Saks Fifth Avenue and Lord & Taylor parent Hudson's Bay has made a takeover approach to Macy's, The WSJ report said, citing sources. The report said the talks were still in early stages and may not lead to a deal. Macy's stock has tumbled 22% over the past 12 months, while Hudson's Bay shares have fallen 40% and the S&P 500 has gained 20%.