Macy's Q3 Guidance Misses by Wide Margin, Stock Drops 3%
M sits 24% above its 52-week low of $16.41.
Summary
Macy's Q2 results beat on EPS and revenue, but the company guided Q3 to an adjusted loss of 19-23 cents per share, far worse than the 6-cent loss analysts expected. That guidance miss is driving the stock down nearly 3% in premarket trading. The company raised its full-year EPS outlook to $2.15-$2.35, above the prior range but below the $2.25 consensus. This follows the earlier report of strong same-store sales, but the weak Q3 outlook is the new information traders are reacting to.
At the time of this announcement, M was trading at $20.30 on NYSE in the Trade & Services sector, with a market capitalization of approximately $5.7B. The 52-week trading range was $16.41 to $26.59. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.