|Day's Range||5.85 - 6.00|
Yahoo Finance’s Brian Sozzi and Alexis Christoforous discuss the current state of retail with Forrester Retail Analyst Sucharita Kodali.
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.
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.
Progress in reopening stores may be reversed as coronavirus cases spike in certain states.
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.
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.
Macy’s lost a jaw-dropping $3.58 billion in the first quarter -that’s nearly four times as large as the company warned. The department store chain Wednesday blamed the much wider-than-expected loss on the two-month retail shutdown that slashed its quarterly sales in half. Lost sales forced retailers to tap credit lines and let go of staff. Last week, Macy's announced it would lay off 3900 employees in management and back office positions. The retailer’s dire results come as some of its peers, including J Crew, J.C. Penney and Neiman Marcus Group, have filed for bankruptcy after failing to cope with market uncertainties and mounting debt. Shares of Macy’s were down in Wednesday trading.
Yahoo Finance’s Brian Sozzi and Jared Blikre break down Macy’s earnings report with Stacey Widlitz of SW Retail Advisors.
"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.
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.