More stories

  • in

    Stocks making the biggest moves midday: Walmart, Snowflake, Fisker and more

    A banner for Snowflake is displayed on its IPO day at the New York Stock Exchange on September 16, 2020. It was the largest software IPO in history and was one of eight CNBC 2020 Disruptor 50 companies to go public, and more Disruptor deals are coming soon.Brendan McDermid | ReutersCheck out the companies making headlines in midday trading.Walmart — Shares of the big box retailer rose about 2.5% after Walmart reported first-quarter earnings that surged past Wall Street’s estimates. Walmart reported adjusted earnings per share of $1.69, versus $1.21 expected per Refinitiv. The company reported strong grocery sales and e-commerce growth and raised its outlook for the year.Snowflake — Snowflake jumped more than 6% following a bullish call from Rosenblatt Securities. The firm upgraded the data storage company to a buy rating ahead of Snowflake’s quarterly report on May 26. “Snowflake … is uniquely positioned as the leading independent Cloud data platform provider that should continue to grow rapidly as enterprises shift more of their IT workloads to the cloud,” the firm said.Fisker — Fisker shares rose just shy of 10% in midday trading after the electric-vehicle company announced an agreement to deliver up to 700 cars to Onto, a U.K.-based EV subscription service. Fisker equity had come under pressure in extended trading Monday evening after it reported a wider-than-expected first-quarter loss.MGM Resorts — The casino stock jumped more than 4% after JPMorgan upgraded the stock to overweight from neutral. The investment firm said in a note to clients that foot traffic in Las Vegas was increasing and the rebound should continue later in the year as restrictions are further lifted.Palo Alto Networks — The cybersecurity company’s shares advanced more than 2% after Raymond James upgraded the stock to an outperform rating. The firm said that while the stock has “underperformed significantly” this year, the company can “enter into a period of healthy growth and incremental profitability that are hallmarks of outperforming stocks in this space.” Raymond James also established a $400 price target, which is 19% above where shares closed on Monday.Twilio — Twilio rose 3% on news that it plans to acquire business-texting platform Zipwhip for $850 million in a blend of cash and stock. Stifel analyst J. Parker Lane said the deal will leverage Zipwhip to text-enable landlines and toll-free telephone numbers.Baidu — Shares of Baidu rose more than 1% in midday trading after reporting better-than-expected earnings. Baidu made 28.13 billion yuan ($4.3 billion) in revenue during the first quarter, up 25% from the year-ago period.Altice USA — The cable television provider’s shares fell about 1% after Bank of America downgraded the stock from “neutral” to “underperform” Tuesday. Bank of America said it saw stronger opportunities elsewhere in its coverage.Home Depot — Shares of Home Depot ticked nearly 1% lower in midday trading despite beating on the top and bottom lines of its quarterly results. The home improvement retailer earned $3.86 per share on revenue of $37.5 billon. Analysts expected earnings of $3.08 per share on revenue of $34.96 billion, according to Refinitiv. Same-store sales topped estimates as well. Home Depot, however, did not provide guidance.Hostess Brands — The food company’s share price ticked 1.6% higher after Stephens reiterated the stocks as overweight. Stephens said it should benefit from the economy reopening.Macy’s — Shares of the department store crept up 0.1% following a surprise first-quarter profit. The company reported adjusted earnings per share of 39 cents compared to a loss of 41 cents expected per Refinitiv. Macy’s also raised its full-year forecast, saying it’s seeing momentum as consumers head to its shops and go online to buy new outfits for weddings, travel and other special occasions.— with reporting from CNBC’s Yun Li, Pippa Stevens, Tom Franck, Hannah Miao and Jesse Pound.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

  • in

    Getting struck by lightning has better odds than winning the lottery. But with a $475 million jackpot, you can daydream

    MARK RALSTON | AFP | Getty ImagesThere’s a pretty good chance — okay, an overwhelming chance — that you won’t win the $475 million Mega Millions jackpot.Then again, someone at some point has to win. And, there’s generally no harm in daydreaming.”Buying a Mega Millions ticket gives our players ‘permission to dream’ for just a few dollars,” said Gordon Medenica, Maryland lottery director and lead director of Mega Millions. “That’s what buying a ticket does — it allows us to dream, even if we don’t win.”Zoom In IconArrows pointing outwardsWith no ticket matching all six numbers drawn last Saturday, the top prize jumped immediately to $468 million and then was adjusted again to $475 million ahead of Tuesday night’s drawing. The cash option — which most winners choose instead of an annuity — for this jackpot is $319.4 million (pre-tax).In other words, a $2 ticket could morph into a slip of paper worth more than the entire economic activity of some small countries. The amount marks the ninth-largest prize in the game’s history.The jackpot has been climbing since mid-February, when a New York couple won $96 million. That was a few weeks after a group of players in Michigan landed the top prize: a (mind-blowing) $1.05 billion.More from Personal Finance:Here’s how to tap your home equity5 steps to bulk up emergency savingsHiring crunch hurts small businessesEach Mega Millions ticket has about a 1 in 302 million chance of snagging the jackpot. (For Powerball — whose jackpot is $201 million for Wednesday night’s drawing — it’s slightly better: 1 in 292 million).The chance of being struck by lightning in your lifetime is far better: 1 in 15,300, according to the National Weather Service.And, buying multiple tickets wouldn’t move the needle much in the odds department.To give yourself even a 50-50 chance of winning the Mega Millions jackpot — i.e., the same odds when you flip a coin once — you’d have to buy more than 151 million different number combinations. Even then, though, you wouldn’t be able to guarantee that you’re the only winner.The largest jackpot in U.S. history — a $1.59 billion Powerball prize in 2016 — was split three ways.Of course, you can win in the game without hitting the motherlode. Since the jackpot was last won Feb. 16, there have been more than 16.4 million winning tickets at all prize levels, including 26 worth $1 million or more, according to Mega Millions data. More

  • in

    Walmart CEO says customers 'want to get out and shop' — and that's not going to fade away

    People past walk by a Walmart store on August 23, 2020 in North Bergen, New Jersey.Kena Betancur | VIEW press | Corbis News | Getty ImagesWalmart CEO Doug McMillon said Tuesday that its customers “want to get out and shop.” On an earnings conference call, company executives said they expect the spending spree to continue, as U.S. consumers reemerge into the world and spend money they stashed away during the coronavirus pandemic. Store traffic rose in April — the first increase in a year. When customers shopped, they tended to buy more, too. The average ticket rose by 9.5% in the first quarter, even as overall transactions fell by about 3%.Chief Financial Officer Brett Biggs said purchases have begun to reflect the reopening economy. He said items related to personal care, celebration and travel have picked up and contributed to the company’s strong first-quarter earnings. Some merchandise, such as teeth whitener and new clothes, is back on the shopping list.”You’re seeing customers definitely get out and spend again,” he said. “Spending rates are good. Income rates are good. The savings rates are actually still almost at an all-time high, which would lead you to believe there is going to be some pent-up demand as we get to the back half of the year.”Walmart’s first-quarter earnings beat Wall Street’s expectations, as it picked up market share in grocery and saw e-commerce sales in the U.S. grow by 37%. It also raised its outlook for the second quarter and fiscal year, due to consumers’ spending patterns.Biggs said it is difficult to tease out the impact of stimulus checks, which contributed to first-quarter sales. He said it is also challenging to predict the back half of the year, as Covid-19 cases remain high in some of Walmart’s markets like India.However, Biggs said he feels more optimistic about the months ahead as he sees what’s happening around the country.McMillon said the retailer has begun to imagine the back-to-school season. It is also thinking about how families may celebrate holidays like Halloween, Thanksgiving and Christmas — traditions and gatherings that were largely disrupted by the pandemic a year ago.”We get really excited about the potential of that,” he said. More

  • in

    From employer mandates to TV ads: What full FDA approval could mean for Covid vaccines

    In this articleMRNA22UA-DEPFEVials and a medical syringe seen displayed in front of the Food and Drug Administration (FDA) of the United States logo. FDA finds the COVID-19 vaccine.Pavlo Gonchar | LightRocket | Getty ImagesPfizer and BioNTech have already started their application process for full U.S. approval of their Covid-19 vaccine. Rival Moderna is expected to submit for the same process for its shot later this month.The mRNA vaccines are currently on the U.S. market under Emergency Use Authorizations, which were granted by the Food and Drug Administration in December. Since then, more than 263 million shots have been administered, according to data compiled by the Centers for Disease Control and Prevention.Standard vaccine reviews generally take several months to a year or more to determine whether it is safe and effective for use in the general public. But due to the pandemic, which has killed nearly 600,000 Americans, the FDA permitted the use of the shots under an EUA.In a public health emergency, the manufacturing and approval of vaccines can be streamlined through emergency authorizations. Former Health Secretary Alex Azar declared a public health emergency on Jan. 31, 2020. The health emergency has been renewed several times, most recently in late April. The FDA allowed the use of the shots with just two months of safety data under an EUA. It’s not the same as a Biologic License Application, or a request for full approval, which requires at least six months of data.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:From employer mandates to TV ads: What full FDA approval could mean for Covid vaccines Singapore approves Covid vaccine for children aged 12 to 15 as cases surgeIndia Covid variant set to be dominant in UK ‘in a matter of days,’ posing unknown dangersIndia’s Covid crisis exposes deep-rooted problems in public health after years of neglectBiden warns states with low Covid vaccination rates may see cases rise again”The way that works is the companies have to submit in this case for a vaccine, a Biologics License Application, and that goes through somewhat more review, obviously than an EUA would,” acting FDA Commissioner Dr. Janet Woodcock said on SiriusXM on April 30. “And there are more manufacturing controls that are standard that are looked at and so forth.”Full approval will be beneficial to the companies for multiple reasons, former FDA commissioner Dr. Robert Califf told CNBC. For one, it will allow the companies’ vaccines to stay on the market once the pandemic is over and the U.S. is no longer considered in an “emergency,” he said.It also sets the stage for the companies to begin marketing the shots directly to consumers, he said. Companies can’t promote their products under an EUA, he said.”The vaccines will still have to be administered under the supervision of a professional who’s qualified,” added Califf, who was the agency’s commissioner under the Obama administration beginning in early 2016. “It’s not like they can send the vaccines to people’s homes. However, they can advertise on TV and promote their products under the watchful eye of the FDA.”U.S. approval can also have far-reaching impacts beyond the companies who submit the applications, FDA advisors and health policy experts told CNBC.It could encourage more businesses, universities and other organizations to start requiring people to get the shots, they said, an already controversial move that has impacted millions of students and employees across the U.S. It may also raise confidence in the vaccines and combat vaccine hesitancy, they said.As ‘expeditiously as possible’The FDA approval process is likely to take months. There are multiple decisions along the way, including negotiations with the companies about what goes on the product label and how the companies can advertise the shots, Califf said.White House chief medical advisor Dr. Anthony Fauci told CNN last month that U.S. regulators would work “as expeditiously as possible” once the companies submit their applications for full approval.”When you’re getting a formal approval you have to have a certain amount of time just observing predominantly the safety, and obviously the safety looks really, really good in well over 140 million people having been vaccinated with at least a single dose,” he said. “I hope they do it quickly, because … people when they hear it’s still emergency use, they still have a little concern about how far you can go with it.”It is “highly likely” that the Pfizer-BioNTech and Moderna vaccines will be fully approved by the FDA as early as the second half of this year, said Lawrence Gostin, director of the World Health Organization’s Collaborating Center on National and Global Health Law. The shots, he said, have already demonstrated to be safe and highly effective in millions of Americans.”If the FDA doesn’t approve them, it means there is something worrying about their safety or effectiveness,” he said.On April 1, Pfizer and BioNTech announced that new data from their clinical trial showed their two-dose vaccine was safe and more than 91% effective six months after the second dose. The companies said May 7 they began the process of applying for their biologics license.Moderna is also inching closer to submitting its BLA application for use in adults. The company announced on April 13 that its vaccine was more than 90% effective at protecting against the virus six months after the second dose. And on May 6, the company said in an earnings report it planned to begin the process of seeking full FDA approval sometime this month.Looking through dataOnce the companies submit their application, FDA scientists will painstakingly look through the clinical trial data, including for any discrepancies or safety concerns, said Dr. Paul Offit, a voting member of the agency’s Vaccines and Related Biological Products Advisory Committee.It’s a lot of data, added Offit, also a physician at Children’s Hospital of Philadelphia. He previously said when Merck submitted its data from its 70,000-person rotavirus vaccine trial, the pages that were generated could have exceeded the height of the Sears Tower — a 1,450-foot skyscraper in Chicago that’s now known as Willis Tower.”The FDA will go through every single one of those case files,” he said. “And then they will create their own 100-page to 120-page document that they then will submit to our FDA advisory committee to read through. They want to make sure that the company has fairly and accurately displayed all those data.”Dr. Archana Chatterjee, another voting member of the agency’s Vaccines and Related Biological Products Advisory Committee, said she doesn’t expect rare adverse events that may pop up in the data to be a big problem for the vaccines.The FDA and CDC asked states to temporarily pause the use of another authorized vaccine, from Johnson & Johnson, in April after six women developed a blood clotting disorder. States resumed use of the vaccine 10 days later after a CDC advisory panel concluded the blood clots were very rare and the benefits of the shot outweighed its risks.Finding rare adverse events post-clinical trials are common, Chatterjee told CNBC. “Sometimes you do find out that when the vaccines are deployed and given to millions of people that very rare adverse events that are associated with the vaccine may emerge that did not occur during clinical trials, even with tens of thousands of people,” she added.However, Offit said he can’t think of any adverse events from a vaccine that didn’t occur within six weeks of a dose. “There are 200 million doses or so shots that have been distributed so if it’s going to cause a rare side effect, you would know that,” he said.MandatesDorit Reiss, a professor of law at UC Hastings College of Law, said there will likely be more vaccine mandates once the vaccines are fully approved. Employers and schools have few legal restrictions to require people to get vaccinated, she said.”Traditionally, employers and universities have the right to mandate vaccines,” she said.Reiss said the emergency use authorizations of the vaccines made some groups nervous about mandating the shots, adding it raised some questions. The FDA had never granted an EUA for a vaccine for the entire population before and the standards for an EUA were seen by some as lower than for full approval, she said.”I think we’ll see more vaccine mandates once we have approval,” she said.Still, the rise in vaccine mandates post-approval may not be as prevalent as one might think, Reiss added.”There still will be many places that will be hesitant,” she said. “And we know that some states are considering prohibiting employer mandates or prohibiting businesses from requiring vaccines as evidence, which creates its own issues.”The groups that do mandate the vaccines will have to take into account people with disabilities or those who object to inoculations for religious reasons, Reiss said.”There’s the Americans with Disabilities Act, which applies to both employers and universities, and includes a medical reason not to be vaccinated,” she said. “The other thing is for employers, under the Civil Rights Act of 1964, if an employee has a sincere religious objection to a workplace rule, the employer has to accommodate them, unless its an undue burden.”Winning approvalOnce the vaccines are approved, the companies will likely aggressively market their shots and may change pricing, said Gostin, who is also a law professor at Georgetown Law.Pfizer and Moderna say they expect to generate billions in sales from the Covid vaccines this year. Under pandemic pricing, Pfizer has charged the U.S. about $19.50 per dose. Moderna has previously charged the U.S. about $15 per dose. The companies have indicated they will hike the price of their vaccines once the pandemic wanes.”We already see that with other vaccines such as for HPV and shingles,” Gostin added. “But the vaccine wouldn’t simply be bought by the consumer. Rather, it would be paid for by the consumer or through health insurance, and then administered by a doctor or nurse.”Approval could also raise confidence in the vaccine and combat vaccine hesitancy, health experts say.In recent weeks, the pace of vaccinations in the U.S. has slowed as Americans who were eager to get the shots have already done so.FDA approval could convince more “reasonable people,” or about 70% of the population, that the shots are safe and effective, said Offit. The remaining 30% likely can’t be convinced and have to be compelled through other means like employee perks, he said.People think there is a difference in data quality between approval under emergency use authorization, but there really isn’t, he said. “The only real difference is the length of follow-up for efficacy,” he said. More

  • in

    Discovery adventure TV show to launch winning contestant to the space station

    In this articleDISCAThe view from SpaceX’s Crew Dragon spacecraft Endeavour of the International Space Station, as well as the company’s Crew Dragon spacecraft Resilience, as the capsule approached to dock on April 24, 2021.NASA TVDiscovery on Tuesday announced a competitive adventure TV show called “Who Wants To Be An Astronaut?” that will launch the winning contestant to the International Space Station.The eight part series is scheduled to take place in 2022, with the winner expected to get a seat on Axiom Space’s AX-2 mission and spend eight days onboard the ISS. Axiom is currently working toward its AX-1 mission, scheduled for January 2022, which will launch a fully private crew using a SpaceX rocket and capsule.”This is an incredibly exciting time for space storytelling that gives us an opportunity to see the Earth from a vantage point few have ever experienced,” Discovery’s Science Channel executive vice president Scott Lewers said in a news release. “It is truly the next frontier for those who not only dream of traveling into space, but are also curious about the mysteries of the universe. We are looking forward to taking our audience on this unprecedented journey.”Discovery’s TV show is open to members of the public, with an online application asking for a one-minute video and answers to questions including: “Why you deserve a chance to travel to space, what it would mean to you, and why you want to participate.”The TV show itself “will be grueling,” with a series of “extreme challenges” that Discovery says are designed to test contestants “on the attributes real astronauts need most, and as they undergo the training necessary to qualify for space flight and life on board the space station.” A panel of expert judges, yet to be named, will pick “one lucky candidate” to then fly to space.It is the latest in a number of spaceflight contests, with Elon Musk’s SpaceX set to launch the Inspiration4 mission in September (which held public competitions for two of the four seats), Jeff Bezos’ Blue Origin holding an online public auction for a seat on its first space tourism flight scheduled for July 20, and U.S. production company Space Hero announcing a similar reality TV show to Discovery’s – also launching with Axiom and scheduled for 2023.The TV show’s announcement comes after telecom giant AT&T on Monday announced the combination of content unit WarnerMedia with Discovery to form a new media giant.Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

  • in

    How well college graduates do financially depends on their parents

    Radnor, Pa.: One last chance for mom to take care of this Villanova University graduate before the schools’ 178th Commencement Friday May 14, 2021 at Villanova Stadium.MediaNews Group/Daily Times via Getty Images | MediaNews Group | Getty ImagesGetting a college degree is often thought to open doors to higher levels of income and wealth.But it turns out that another key metric — whether your parents also have a college education — will help determine just how much money you will have.That’s according to research from the Pew Research Center, a nonpartisan think tank, which took a look at Federal Reserve data that included parents’ levels of education.The study found that 70% of adults with a bachelor’s degree at least one parent who also had a bachelor’s degree or more education.More from Personal Finance:What to know before you opt for early retirementHow Biden’s tax plan may spark more charitable givingBiden’s plan to beef up IRS audits may target wealthy small business ownersSecond-generation college graduates serving as heads of household had a median household income of $135,800, versus first generation college grads, with $99,600.Head of household college graduates whose parents had a bachelor’s degree had $244,500 in median household wealth, compared to $152,000 for those whose parents did not go to college.The effects were mostly the same regardless of age, with the study measuring data for ages 22 to 59, according to Richard Fry, senior economist at the Pew Research Center.”Even in midlife, does it matter where you came from and who your parents were?” Fry said. “Yes, it does.”Not all college grads fare the same.”The research found first-generation college graduates also tend to take on more debt for their educations, with 65% owing $25,000 or more, versus 57% of second-generation graduates.Head of household college graduates whose parents went to college were also more likely to say they expected to receive an inheritance, at 27%, compared to 12% of first-generation graduates who said the same.Though a college education may not be the “great equalizer,” that does not mean it is not valuable for those first-generation graduates, Fry said.That bachelor’s degree, it’s important, it’s valuable, but it’s not the great equalizer.Richard FrySenior economist, Pew Research CenterOn average, those first-generation graduates will get paid more and have higher wealth levels. They will be more likely to be married, and they will probably live longer.”College is still valuable for them, but it’s just not quite as rewarding as for some others,” Fry said.Notably, the advantage of having a college-educated parent only showed up among college graduates. So for people with just a high school diploma, it made no difference in their lives whether their parents had graduated from college or not.”It’s nice to have a college-educated parent,” Fry said. “But it really only shows up if you get a college degree yourself.” More

  • in

    Coca-Cola is turning to hard seltzer and sports drinks in a bid to stay on top

    In this articleKDPPEPKOWith more than 1.9 billion drinks served every day, Coca-Cola is one of the world’s largest beverage companies.From its humble beginnings selling a single product at a drugstore for 5 cents a glass, the company has grown to have a roster of 200 brands that includes Coke, Fanta and Sprite. With U.S. soda consumption on the decline, the soft drink maker has been forced to pivot. Coke recently launched Topo Chico Hard Seltzer, marking its first move into alcoholic beverages on its home turf after a four-decade long hiatus. The company has also recently invested in the sports performance drink category with BodyArmor and it purchased U.K. coffee maker Costa in 2019.And while the pandemic has caused major disruptions to its profitable away-from-home beverage business, revenue rose 5% to $9 billion in the first quarter of 2021 from the prior year.”We were very focused over the last 12 months on really improving our marketing, we cut the portfolio of brands in half, we got really focused on our innovation pipeline, we worked with our bottlers to really support the customers in new and different ways where they’re open,” said Coca-Cola CEO James Quincey.Coke is eagerly anticipating the summer season and vaccine rollouts.So after 135 years in business can the soft drink giant stay on top? And what will the secular decline of sugar-sweetened beverages in the U.S. mean for the future of Coca-Cola?Watch the above video to find out more.Watch more:Here’s how Emirates can bounce back from Covid-19Leaving a tip is an American custom. Why that’s a problem More

  • in

    Macy's shares rise after retailer reports surprise profit, hikes full-year outlook

    In this articleMPeople walk past a Macy’s store in a Manhattan shopping district on August 12, 2020 in New York City.Spencer Platt | Getty ImagesMacy’s on Tuesday reported a surprise first-quarter profit, as stimulus checks and the Covid vaccine rollout gave consumers more money and greater confidence to head back to the mall and refresh their wardrobes.The department store chain raised its full-year forecast, saying it’s seeing momentum as consumers head to its shops and go online to buy new outfits for weddings, travel and other special occasions.During the latest period, luggage was one of the most improved categories year over year, CEO Jeff Gennette said. “Clearly our customer is ready to get on with life.”Macy’s shares gained 1.7% in premarket trading.Here’s how Macy’s did during the period ended May 1, compared with what analysts were anticipating, based on Refinitiv estimates:Earnings per share: 39 cents adjusted vs. a loss of 41 cents expectedRevenue: $4.71 billion vs. $4.37 billion expectedDuring the quarter, Macy’s swung to a profit of $103 million, or 32 cents per share, compared with a loss of $3.6 billion, or $11.53 per share, a year earlier.Excluding one-time charges for impairment and restructuring, the early retirement of debt and income tax impact, Macy’s earned 39 cents per share. Analysts were looking for a 41 cent loss, according to a survey from Refinitiv.Net sales grew to $4.71 billion from $3.02 billion a year earlier. That exceeded expectations for revenue of $4.37 billion.In the year-ago period, Macy’s sales tumbled 45% as the Covid pandemic forced its stores to temporarily shut and shoppers shifted their spending toward groceries and cleaning supplies, and away from clothing and footwear.In the latest period, comparable sales rose 62.5%, topping FactSet estimates for 44.9% growth.Sales were boosted in part by the addition of new shoppers. Macy’s said it added 4.6 million customers during the quarter, a 23% increase from the same period in 2019. It said 47% of those new shoppers made online purchases.Digital sales climbed 34% year over year and grew 32% from 2019 levels.E-commerce sales represented 37% of net sales, a 6 percentage-point drop from a year earlier, when Macy’s stores were shut and its only revenue stream was digital. But that’s a 13-point improvement from the first quarter of 2019, Macy’s said.Boosted outlookAmericans have recently showed signs they’re ready to get back to more normal shopping habits. Sales of clothing and clothing accessories surged 727% in April from a year earlier, according to data from the Commerce Department.Gennette cited continued strength in categories including home, fine jewelry and watches, fragrance and luxury items. He said special occasion categories are improving as customers begin to travel and return to a “pre-pandemic lifestyle.” Macy’s is also investing in newer categories for the business, including toys, health and wellness, and pets, he said.Macy’s is now calling for net sales in fiscal 2021 to fall within a range of $21.73 billion to $22.23 billion, up from a prior range of $19.75 billion to $20.75 billion.It estimates it will earn $1.71 to $2.12 per share, after adjustments. Previously, it expected adjusted earnings of 40 cents to 90 cents per share.Analysts had been looking for adjusted earnings of 79 cents per share on revenue of $20.7 billion, according to Refinitiv.Macy’s is continuing to invest in its online business and has said it plans to grow e-commerce sales to $10 billion by 2023.The company, which also owns Bloomingdale’s and the beauty chain Bluemercury, is beginning to test smaller stores in off-mall locations and is opening more of its off-price stores, known as Macy’s Backstage, to target more price-conscious customers.As of Monday’s market close, Macy’s shares were up more than 70% year to date. The retailer has a market cap of $6 billion.Find the full earnings press release from Macy’s here. More