NEW YORK (CNNMoney.com) -- Shares of Macy's rallied more than 5% in early trading Wednesday after the department store chain posted a quarterly profit that beat estimates and boosted its earnings forecast for the year.
The stock rally came on a day when the overall market tumbled due to concerns about the global economy.
Macy's (M, Fortune 500) said its second-quarter net income soared to $147 million, or 35 cents per share. That's up from $7 million, or 2 cents per share, a year earlier, including 18 cents per share in restructuring charge.
Analysts polled by Thomson Reuters were looking for earnings of 29 cents per share for the three months ended July 31.
Macy's revenue also beat forecasts, rising 7% to $5.5 billion thanks to higher-than-expected sales.
He cut his buyback demand from $150 billion to $50 billion and gave Apple a year to do it. More