Several department store and apparel chain operators were trading lower on Tuesday morning after Kohl's (NYSE: KSS) reported a larger-than-expected loss for the quarter that ended on May 2. Gap (NYSE: GPS) was down 4.5%. Kohl's was down 9.4%.
This week is a shortened trading week with major markets closed Monday in observance of the Memorial Day holiday. Investor focus will remain on the coronavirus and its impact on the U.S. economy as most states across the country continued their phased reopening plans.
Shares of several upscale retail-chain operators were rising on Tuesday, on growing investor optimism after Macy's (NYSE: M) announced a significant refinancing deal. News that troubled department-store giant Macy's has secured a major refinancing deal seemed to be giving investors reason to bid up battered retail stocks on Tuesday.
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Over 30 million people have filed for unemployment benefits in the U.S., and the country faces a major recession. Macy's (NYSE: M) and Nordstrom (NYSE: JWN) are having to endure an extremely challenging scenario. From 2015 to 2020, Macy's revenue has gone from $28 billion down to $25 billion.
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Shares of upscale retailer Nordstrom (NYSE: JWN) were sharply higher on Wednesday afternoon, a day ahead of the company's quarterly earnings report, amid a broad-based market rally driven by rising optimism about the post-pandemic economy. As of 2:45 p.m. EDT, Nordstrom's shares were trading up about 14.9% from Tuesday's closing price. Expect an update on Nordstrom's efforts to reopen its stores tomorrow.
The department store giant expects to post a big Q1 loss due to coronavirus shutdowns. Macy's stock rose as the retailer detailed store reopening plans.
Nordstrom (JWN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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The department store chain is making tough decisions to stay afloat in the harsh retail environment.
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Given the strong e-commerce trend, it is reasonable to be optimistic about earnings results from the traditional operators and their stock prices.
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Markets were mixed on Tuesday as some sectors of the economy couldn't build on Monday's gains.