|Bid||6.80 x 29200|
|Ask||6.77 x 3200|
|Day's Range||6.51 - 6.89|
|52 Week Range||4.38 - 23.40|
|Beta (5Y Monthly)||1.60|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Mar 12, 2020|
|1y Target Est||N/A|
The number of confirmed cases of the coronavirus illness COVID-19 in the U.S. climbed above 2.6 million on Wednesday, a day after Dr. Anthony Fauci said it could spike to more than 100,000 a day if the fresh clusters emerging in the South and West are not brought under control.
With me on the call today are Jeff Gennette, our Chairman and CEO; and Felicia Williams, our Interim CFO. Jeff and Felicia have several prepared remarks to share after which we'll host a question-and-answer session.
The Dow finished lower Wednesday, but the tech-heavy Nasdaq was vaulted to a fresh record close, giving the year’s second half a mixed start as investors focused on signs of economic recovery from the coronavirus crisis and a new Fed promise for clarity on the path of rates.
Progress in reopening stores may be reversed as coronavirus cases spike in certain states.
Macy's reported a bottom-line beat and a top-line miss. What do the charts say after the report?
Is it bye-bye to Macy's if a COVID-19 second wave happens?
Macy’s Inc posted a $3.58 billion loss as the coronavirus-induced lockdown hit its first-quarter sales, leading to a record $3 billion impairment charge.
Wall Street opened higher on Wednesday as rising hopes of a COVID-19 vaccine reversed premarket losses, overshadowing fears of another round of lockdowns following a record surge in coronavirus cases in the United States. A COVID-19 vaccine developed by Pfizer Inc and German biotech firm BioNTech showed promise and was found to be well tolerated in early-stage human trials. Pfizer's shares jumped 4.1% on the news, while BioNTech gained 3%, helping improve the mood on Wall Street after the United States registered 47,000 new coronavirus cases on Tuesday, the biggest one-day spike since the start of the pandemic.
"While our stores are re-opened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year," said Macy's CEO Jeff Gennette.
Macy's (NYSE: M) issued first-quarter earnings results on Wednesday that showed mounting pressure on its retail business from the COVID-19 pandemic. Sales fell by more than half, as the company had warned in previous announcements, but the department store giant also revealed massive impairment charges even as its stores reopened for business. "The first quarter of 2020 was challenging for the country, the industry, and Macy's," CEO Jeff Gennette said in a press release.
The financial results were in line with the retailer's previous estimates.
After notching up its biggest three-month gains since 1998 in the previous session, the S&P 500 looked set to begin the third quarter on a glum note as COVID-19 cases rose by more than 47,000 on Tuesday, with California, Texas and Arizona emerging as new epicenters.
Macy's (NYSE: M) reported a first-quarter loss of $2.03 per share on Wednesday, which beat the analyst consensus estimate of $2.57 by 21.01%. This is a 561.36% decrease over earnings of 44 cents per share from the same period last year.The company reported quarterly sales of $3.02 billion, which missed the analyst consensus estimate of $3.68 billion by 18.02%. This is a 45.19% decrease over sales of $5.5 billion the same period last year."While our stores are re-opened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year," CEO Jeff Gennette said in a statement. "We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level." View more earnings on MMacy's shares were down 1.89% at $6.75 in Wednesday's premarket session. The stock has a 52-week high of $23.40 and a 52-week low of $4.38.Related Links:Macy's Announces Lower Guidance, Will Close 125 StoresMacy's Trades Higher On Positive Holiday Sales UpdateSee more from Benzinga * Why Macy's Stock Is Trading Lower Today * Macy's Projects Q1 Losses, Says Sales Down About 50%(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Macy's (M) posts narrower-than-expected Q1 loss. Coronavirus-induced store closures hurt the company's sales performance.
"While our stores are reopened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year," Macy's chief executive, Jeff Gennette, said in a statement, adding that the department store operator does not expect another total shutdown of stores. Macy's, which also owns Bloomingdale's, said net sales for the fiscal first quarter ended May 2 nearly halved to $3.02 billion. The retailer's results come as some of its peers, including J. Crew, J.C. Penney <JCP.N> and Neiman Marcus Group, have filed for bankruptcy after failing to cope with market uncertainties and mounting debt.
Shares of Macy's Inc. rallied 1.5% in premarket trading Wednesday, after the department store chain reported fiscal first-quarter results that matched Wall Street expectations, and said nearly all of its stores have reopened, after closing amid the COVID-19 pandemic. For the quarter to May 2, Macy's swung to a net loss of $3.58 billion, or $11.53 a share, from net income of $136 million, or 44 cents a share, in the year-ago period. Excluding non-recurring items, such as $3.1 billion in asset impairment charges, the adjusted loss per share was $2.03 versus EPS of 44 cents last year, compared with the FactSet consensus of $2.03. Sales fell 45.2% to $3.02 billion, matching the FactSet consensus. "While our stores are re-opened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year," said Chief Executive Jeff Gennette. "We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level." Macy's said it would not provide a financial outlook. The stock has dropped 59.5% year to date through Tuesday, while the SPDR S&P Retail ETF has lost 6.8% and the S&P 500 has slipped 4.0%.
Shares of Macy's (NYSE:M) rose 0.3% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were down 561.36% year over year to ($2.03), which beat the estimate of ($2.57).Revenue of $3,017,000,000 decreased by 45.19% from the same period last year, which missed the estimate of $3,680,000,000.Guidance Macy's hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Details Of The Call Date: Jul 01, 2020View more earnings on MTime: 08:00 AMET Webcast URL: https://edge.media-server.com/mmc/p/bbde5famRecent Stock Performance 52-week high: $23.4052-week low: $4.38Price action over last quarter: down 49.23%Company Overview Founded in 1858, Macy's operates about 613 stores under the Macy's brand, 55 stores under the Bloomingdale's brand, and about 172 Bluemercury specialty beauty stores. Macy's also operates e-commerce sites, owns 65% of a Chinese e-commerce joint venture, and licenses two Bloomingdale's stores in the United Arab Emirates and Kuwait. Women's apparel, accessories, shoes, cosmetics, and fragrances constitute approximately 61% of Macy's sales. The retailer recently consolidated its headquarters in New York City.See more from Benzinga * Earnings Scheduled For July 1, 2020 * 14 Consumer Cyclical Stocks Moving In Tuesday's Pre-Market Session * 20 Consumer Cyclical Stocks Moving In Tuesday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
When Charles Dickens wrote, “it was the spring of hope, it was the winter of despair,” he was speaking of the French Revolution. The sentiment is just as fitting for retail in 2020, as the winners gobble up even more of the pie.
Yahoo Finance’s Brian Sozzi and Alexis Christoforous discuss the current state of retail with Forrester Retail Analyst Sucharita Kodali.
Rating Action: Moody's affirms ten, confirms one and downgrades two classes of COMM 2012- CCRE5. Global Credit Research- 01 Jul 2020. Approximately $798.4 million of structured securities affected.
Rating Action: Moody's downgrades four, confirms one, and affirms eight classes of UBS-BB 2013- C6. Global Credit Research- 01 Jul 2020. Approximately $1.14 billion of structured securities affected.