Retail stocks are trading like the entire industry is going under
Advertisement
Look: retail is hard.
Advertisement
This week we saw Gap whiff on earnings and get crushed. Fitch also downgraded the company's debt to junk status.
On Wednesday, Macy's issued one of the most depressing press releases you'll ever read from a company. The stock was down 10% following the news.
Office Depot and Staples had their proposed merger halted by a judge, sending their stocks tanking.
And with all this doom and gloom, the entire industry is getting hammered on Wednesday.
Advertisement
The 'XRT' ETF which tracks the retail sector was down 3.5% early Wednesday and the carnage in some individual names was really stunning.
Here are some the highlights (or lowlights):
- Macy's: -10%
- J.C. Penney: -4%
- Sears Holdings: -5%
- Target: -4.4%
- Nordstrom: -6.7%
- Kohl's: -6%
- American Eagle: -3%
- Express: -4%
- Abercrombie & Fitch: -2.4%
- Buckle: -4.6%
- Urban Outfitters: -5.6%
- TJX Companies: -2.8%
- Ross Stores: -4%
- Office Depot: -38%
- Staples: -17%
- Best Buy: -4%
- Bed Bath & Beyond -4.7%
- Restoration Hardware: -6.6%
- Pier 1 Imports: -7.7%
- Williams-Sonoma: -4.9%
And so on.
Advertisement
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- India not benefiting from democratic dividend; young have a Kohli mentality, says Raghuram Rajan
- Indo-Gangetic Plains, home to half the Indian population, to soon become hotspot of extreme climate events: study
- 7 Vegetables you shouldn’t peel before eating to get the most nutrients
- Gut check: 10 High-fiber foods to add to your diet to support digestive balance
- 10 Foods that can harm Your bone and joint health
- 6 Lesser-known places to visit near Mussoorie