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Behind the Trade: Playing Macy’s into earnings

How to play Macy's ahead of earnings

With Macy's gearing up for earnings and the holiday season about to kick into high gear, there's a chance to make some cash heading into the report, Karen Finerman of Metropolitan Capital Advisors said.

"The stock is still really, really cheaply valued. In fact, I think it has a 'miss' already priced in," she said. "So, even if they miss or they beat, I think either way we could see Macy's go up, and I'm not a seller until up here around $65."

Shares of Macy's are up about 10 percent so far this year, outperforming the S&P 500, which is up just over 5 percent year to date. The retailer is expected to report quarterly earnings Nov. 12 before the market's opening bell.

Finerman told CNBC's "Fast Money," "Very rarely do you get to buy the best in class for the cheapest valuation, but here you do."

Karen is Long Macy's.