Shares of Macy’s Inc. and J.C. Penney Co. Inc. have sunk in Monday trading after a New York Post report that talks to take fellow department store retailer Nordstrom Inc. private have faltered. Macy’s stock is down 6% in Monday trading, and J.C. Penney is down nearly 8% so far. Kohl’s Inc. has also dipped 3.7%. Nordstrom shares are down 7.4% after the report. Analysts at Cowen & Co. released retail traffic numbers for the fifth week of September, showing an 8.1% year-over-year decline, with apparel down 8.2%, and electronics down 30.2% year-over-year. Macy’s shares have dropped 42.7% for the year so far, J.C. Penney shares are down nearly 58%, and Nordstrom shares are down nearly 9% for the period. The SPDR S&P Retail ETF is down 5.6% for 2017 to date while the S&P 500 index is up almost 13% for the period and the Dow Jones Industrial Averge is up 13.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News