FEDERATED STOCK UP 1 POINT
NEW YORK — Shares of Federated Department Stores Inc. rose 1 to 21 5/8 in active trading Friday on the New York Stock Exchange in anticipation of an analysts’ conference call scheduled today.
Janet Mangano, analyst at Burnham Securities, said she couldn’t attribute the rise to anything in particular, but noted, “People are taking a fresh look at Federated.” She said that for a while, in the midst of its merger with Macy’s, the company was overlooked. Now, she said, “We are going to be seeing the combined results of Macy’s/Federated. The good word is getting around.”
Mangano said today’s analysts’ conference call will discuss Federated’s year-to-date results, including Macy’s. Year-to-date sales — including Macy’s but not I. Magnin — came to $13.7 billion, and same-store sales rose 3.1 percent from 1993.
Walter Loeb, of Loeb Associates, agreed the stock activity was in anticipation of the conference call. Loeb said he expects the stock to move up to at least 26 this year.
Loeb said for the year he estimates the company will earn $1.80 a share, before special items that may alter the results. Federated is scheduled to report fourth-quarter and yearend results in March.
A company spokeswoman said there had been no announcement that would have prompted the rise in stock price.