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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.