logo-loader

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]
 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Great Bear Resources releases more positive drill results...

Great Bear Resources (CVE: GBR) President and CEO Chris Taylor joined Steve Darling from Proactive Vancouver to discuss their latest assay results from the drill program on the Dixie Project in Red Lake.  Taylor discusser the results from the Hinge and Dixie Limb zones and also gave...

18 hours, 47 minutes ago

2 min read