M is trading 5.6% up today at $19.45 after Berkshire Hathaway, led by CEO Greg Abel, disclosed a new stake in the department store chain.
- Berkshire revealed a 3-million-share position in Macy's worth approximately $55 million.
- Investors are viewing the move as a significant vote of confidence in the struggling retailer's future.
- The stock is seeing strong gains despite broader market weakness following the disclosure.