U.S. stocks retreat after Macy’s cuts sales forecast

“The U.S. stock market resumed its weeklong descent, led by department stores and computer makers, after Macy’s Inc. cut its sales forecast and the government said consumer spending slowed last month,” Michael Patterson reports for Bloomberg.

“Macy’s, the owner of its namesake chain and Bloomingdale’s, tumbled the most in five years after saying same-store sales may drop in the fourth quarter and revenue will grow less than expected. Dell Inc., International Business Machines Corp. and Apple Inc. led technology shares to a fifth drop in six days,” Patterson reports.

“Macy’s forecast and a Commerce Department report showing a 0.5 percent decrease in department-store sales in October spurred concern that higher fuel bills and slumping home values will depress consumer spending in the holiday shopping season. Excluding gasoline, retail sales rose 0.1 percent, the smallest increase in four months,” Patterson reports.

“Dell, the world’s second-largest personal-computer maker, fell 60 cents to $27.61. IBM, the world’s second-biggest software maker, dropped $1.83 to $103.44. Apple, maker of Macintosh computers and iPod media players, declined $3.85 to $166.11,” Patterson reports.

Full article here.

23 Comments

  1. whether it goes up or down i donʻt care… just pick a direction and go with it… btw, i lost a boatload today since my dumb brokerage software makes it hard to keep a gain…

    but i have options thatʻll make $$$ if this market tanks.

  2. You can always tell when it’ll be a bad Xmas selling season… the retailers start the Xmas bombardment in early November! At least they’re holding off on the schlocky Xmas music. That’s the WORST!

    Why can’t Xmas go BACK to being a private, religious holiday instead of the Great Orgy of the Church of the Almighty Dollar?

  3. Today’s Stock Market Report

    Helium was up, feathers were down. Paper was stationary.
    Fluorescent tubing was dimmed in light trading. Knives were up sharply.
    Cows steered into a bull market. Pencils lost a few points.
    Hiking equipment was trailing.
    Elevators rose, while escalators continued their slow decline.
    Weights were up in heavy trading.
    Light switches were off.
    Mining equipment hit rock bottom. Diapers remain unchanged.
    Shipping lines stayed at an even keel.
    The market for raisins dried up.
    Coca Cola fizzled.
    Caterpillar stock inched up a bit.
    Sun peaked at midday.
    Balloon prices were inflated.
    And Scott Tissue touched a new bottom.
    And batteries exploded in an attempt to recharge the market…

    ” width=”19″ height=”19″ alt=”wink” style=”border:0;” />

  4. It ain’t just big department stores like Macy’s, either. Certain people I know who manage retail outlets have been seeing erratic, but generally flat sales figures this fall. They’re not expecting much improvement for the holiday spending season, either. I have a hunch that the Apple Store will be one to buck the trend, though — they have very visible, high demand merchandise going into the shopping season.

    Of course, I’m not an analyst, just a geek with an opinion. YMMV.

  5. Mr.Reese – I agree.

    Unfortunately that’s the only time many businesses make their nut for the year. They operate in or near the red hoping Christmas will pull them out. They haven’t yet been able to adjust to the new economy thrust on them by the internet and the resulting declining foot traffic.

  6. Who gives a flying f_ck about Macy’s?

    Apple guided it’s strongest quarter in history above and beyond what analysts expected.. If they fall short, THEN the stock could be expected to sell off, but Macy’s forecast affecting Apple is just plain ridiculous.

  7. Why can’t Xmas go BACK to being a private, religious holiday instead of the Great Orgy of the Church of the Almighty Dollar?

    Haven’t you been around? Anything private or religious has no place in today’s world. (Yes I’m being sarcastic)

    Seriously, there’s way too much commercialism involved (and CEO careers at stake) for anything like Christmas to “just go away”. And it’s only gonna get worse; we’re well on our way to having other holidays equal or even outdo Dec. 25th.

    Welcome to the fscking social. ” width=”19″ height=”19″ alt=”raspberry” style=”border:0;” />

  8. @ @SKY LARK
    Yeah right, you just keep telling that to yourself, I am sure you will be all the better for it.
    Actually, I am surprised that you have the ability to coordinate your fingers and your solitary cerebrum brain cell to type.
    I can see what has happened here – in the confusion of the neurotransmitters not linking up … well, with nothing to link up to, what’s to be expected, I think you were trying to type – Apple stocks look very rosy and delicious

    There thats better, glad I could help.

    Delusion – noun
    An idiosyncratic belief or impression that is firmly maintained despite being contradicted by what is generally accepted as reality or rational argument, typically a symptom of mental disorder : the delusion of being <strike>watched</strike> a microsoft apologist.

    Now – Get thee behind me, Satan: thou art an offence unto me: for thou savourest not the things that be of Apple, but those that be of microsoft,

    microsoft – A metaphor for your teeny-weeny flaccid todger.

    MDN magic word “peace” go figure.

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