Macy's increases share repurchase authorization to $1.861B The board of directors of Macy’s increased the company’s share repurchase authorization by $1.5B, bringing the remaining authorization outstanding, as of the end of the third quarter on Oct. 27, to $1.861B. The company can use the authorization to purchase common shares from time to time in the open market or in other privately negotiated transactions, Macy's said.
J.C. Penney downgraded to Sell from Neutral at UBS UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.