Macy's Inc. jumped 7.6 percent, the most in the S&P 500. Many retailers' holiday sales suffered, but Macy's were solid, and it forecast profit for next year ahead of analysts' estimates. Still, it aims to cut costs — mainly by eliminating 2,500 jobs and closing certain stores, while opening Macy's and Bloomingdale's stores elsewhere. "Our company has significantly increased sales and profitability over the past four years," CEO Terry Lundgren said, but it has "identified some specific areas where we can improve our efficiency."
Macy’s stock surges after news of layoffs
