Charlie O’Shea and Katherine Black break down Macy’s (M) earnings as the stock rallies. Katherine thinks Macy’s is doing well in its “brands space,” with popular heritage brands fueling strength. She also notes that middle-income consumers are still spending and make up a lot of Macy’s shoppers. Charlie argues that this turnaround has “more legs” as core competitors remain weak: “this is the time for Macy’s. If they’re ever going to pull it off, it’s now.” However, he warns against Macy’s closing stores, noting that closures impact e-commerce sales negatively.