Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, May 18th, and I'm your host, Kim Kahn. Our top story so far,

Berkshire Hathaway disclosed a $55 million stake in Macy's, a small position with outsized symbolism.

The roughly 3 billion shareholding represents about 1% of the company,

but it marks Berkshire's first public department store investment since 1966,

when Warren Buffett and Charlie Munger bought Baltimore-based Hawkschild Cone for about $6 million.

Macy's rallying today on the Berkshire News is at a pivotal moment

in its bold new chapter turnaround. The retailer is closing roughly 150 underperforming stores by

28, while concentrating investment in about 350 higher-performing locations. The strategy appears

to be gaining traction. In Q1, Macy's reported its first annual comparable sales growth in years,

with total sales reaching their highest level in more than three years.

Pilot stores undergoing the bold new chapter revamp generated about 75% of sales from the go-forward locations.

A sign the modernization effort is beginning to move the needle.

Among other active stocks, Service Now is rallying after Bank of America restarted coverage

with a buy-raining and $130 price target.

Analyst Taliani said Service Now's depth and breadth of workflow entrenchment,

position it to benefit from the deployment of autonomous AI agents across IT, employee,

and customer workflows.

Regeneron is the BSSMP decliner after reporting a failure in a late-stage trial, evaluating a

combination therapy involving its anti-IPD-1 drug Littio against Merckst Ketruda.

And Sachem Capital is climbing after agreeing to merge with a newly created publicly traded reet

that will include 98 industrial assets contributed by privately held industrial realty group.

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