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Late Movers: Macy's weakness in December casts pall on retail

Sears rallies after Chairman Eddie Lampert confirmed that he has made a new takeover bid of more than $5 billion for the company
Macy's store
The retailer tumbled after saying the holiday shopping season started strong but weakened in mid-December

Macy's Inc (NYSE:M) cast a pall over the retail industry Thursday when it reported weakness during the crucial holiday shopping season.

The retailer tumbled 19% to $25.80 after announcing that the holiday season started strong but weakened in mid-December and didn’t return to expected patterns until the week of Christmas.

HEAD: Macy’s Q4 earnings beat Street estimates; same-stores sales on track to return to growth in 2018

Other retailers declined, with L Brands Inc (NYSE:LB), Kohl’s Corp (NYSE:KSS) and Nordstrom Inc (NYSE:JWN) down more than 5%.

An exception to the gloom was Bed Bath & Beyond Inc (Nasdaq: BBBY), which rose 14% after saying it expects fiscal 2019 net earnings per diluted share to be about the same as fiscal 2018.

Sears Holdings Corp (OTCMKTS:SHLDQ) climbed $0.11, or 27%, to $0.50 after Chairman Eddie Lampert confirmed a Reuters report that he has made a new takeover bid of more than $5 billion for the company.

The financial firm BlackRock Inc (NYSE:BLK) edged down 0.3% to $398.84 after announcing that it would cut 500 jobs, or 3% of its workforce, in the coming weeks.

WD-40 Co (NASDAQ:WDFC) declined 7.5% after CEO Garry Ridge warned that there may be some sales volatility for its WD-40 Specialist line.

Contact Dennis Fitzgerald at [email protected]
 


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