Macy's (M) is trading 4.3% up at $21.55 following the disclosure of a new investment stake by Warren Buffett's Berkshire Hathaway.
- Berkshire Hathaway revealed a new stake in the department store retailer, a significant vote of confidence from the highly respected investment firm.
- This news has overshadowed the broader market's risk-on tone, acting as a direct company-specific catalyst for the stock's rally.
- The investment comes as Macy's is executing its "Bold New Chapter" turnaround strategy, which includes store closures and investments in stronger locations.