MARKET ALERT: Macy’s shares jump after huge earnings beat

Shares of American retailer Macy's jumped more than 12% in premarket trade after the company reported better-than-expected quarterly results on Wednesday. The company posted earnings per share of 48 cents vs. Wall Street's expectation of 37 cents, while its revenue beat analyst estimates as well, at $5.54 billion in the first quarter vs. analysts' consensus of $5.36 billion.

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