Macy’s Lowers Annual Guidance, Drops 18% - Adviser Investments

Macy’s Lowers Annual Guidance, Drops 18%

Diana Linn, account manager at Adviser Investments, has the market analysis for Thursday, January 9. All major U.S. stock indexes once again advanced, led by strong performances from the real estate, industrial and utilities sectors. The Dow Jones Industrial Average and S&P 500 each gained 0.5% and the NASDAQ advanced 0.4%. Meanwhile, Macy’s and Kohl’s released disappointing holiday sales data. Macy’s stock plunged 18% today after reducing and lowering annual guidance, and Kohl’s dropped nearly 5% after noting that same-store sales rose just 1.2% for the combined November and December period, down from 6.9% during the 2017 holiday shopping season. Target, on the other hand, reported a significant gain in digital sales, and its 2018 holiday same-store sales rose 5.7%, surpassing 2017’s 3.4% growth.

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