After Macy's outlined a cost-cutting plan Wednesday, some "Fast Money" traders felt its stock might break out of a recent rut.
The department store chain announced it will cut thousands of jobs as part of a restructuring expected to reduce expenses by about $400 million annually, starting this year. Macy's shares initially slid in extended trading but reversed course to rise about 2 percent from its closing price.
Trader Karen Finerman bought Macy's on Wednesday. She said the stock price "reflects a lot of bad news already," as it has fallen 44 percent in the last 12 months.