Macy's says environment has been very promotional Still sees FY14 SSS up 2%-3%. Says weather making it challenging to figure out "what's going on" with consumer, says consumer not "overwhelmingly excited" about spending. Says will continue to close stores that are no longer cash positive, stores "that aren't worth investing in," says will open a few new full-line stores this year. Says $1.1M in capital spending "feels like the right number." Comments made at the Telsey Advisory Group Spring Consumer Conference.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Bemis (BMS) upgraded to Buy from Neutral at BofA/Merrill... Gigamon (GIMO) upgraded to Outperform from Market Perform at William... Global Payments (GPN) upgraded to Overweight from Equal-Weight at First Analysis... Knight Transportation (KNX) upgraded on valuation, catalysts at Stifel... Macy's (M) upgraded to Buy from Neutral at Buckingham... Netflix (NFLX) upgraded to Buy from Neutral at Citigroup... Reckitt Benckiser (RBGLY) upgraded to Buy from Neutral at UBS... Union Pacific (UNP) upgraded on valuation, growth outlook at Stifel... Weatherford (WFT) upgraded to Outperform from Sector Perform at RBC Capital.