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Top related persons:
Macy - 2 Brendan McDermid - 2 Macy's - 2 Savyata Mishra - 2 Arun Koyyur - 2 Adrian Mitchell - 1 Paul Lejuez - 1 Mitchell - 1
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REUTERS - 3 Thomson - 3 Target - 2 Nordstrom - 1 Citi - 1 Insider - 1 Nasdaq - 1 YORK - 1

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4 mentions found


☆ Macy's warning of weak second-half demand hits retail sector shares
  + stars: | 2023-08-22 | by ( Savyata Mishra | ) www.reuters.com   time to read: +2 min
Its cautious view also weighed on the retail sector shares, including Kohl's (KSS.N) and Nordstrom (JWN.N). In a clear sign that higher borrowing costs were straining customers, Macy's credit card revenue, which accounted for about 2% of the total revenue in the quarter, slumped 41%. Throughout the quarter, Macy's cleared excess stock after a move to convert its merchandise for the spring and summer hurt demand, leading to a slip in gross margin. Macy's reaffirmed its expectations for 2023 sales of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. At $12.8, Macy's shares were set for their worst session since March last year.
Persons: Macy, Brendan McDermid, Adrian Mitchell, Paul Lejuez, Mitchell, Macy's, Jessica Ramirez, Jane Hali, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Nordstrom, Citi, Target, Thomson Locations: New York , New York, U.S, Bengaluru
☆ Macy's results beat estimates, maintains forecasts on weak consumer spending
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +2 min
The R.H. Macy and Co.flagship department store is seen in midtown New York, New York, U.S. November 11, 2015. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - Macy's (M.N) kept its annual forecasts unchanged even though its second-quarter sales and profit beat market expectations on Tuesday as the upscale department store chain expects consumer spending to stay under pressure. It reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. "Despite beating profit and sales expectations, Macy’s earnings show that discretionary demand remains constrained as shoppers allocate more of their budgets to everyday necessities," Insider Intelligence analyst Rachel Wolff said. Comparable sales for Macy's-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop, according to Refinitiv data.
Persons: Macy, Brendan McDermid, Macy's, Gross, Rachel Wolff, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Target, Insider, Thomson Locations: New York , New York, U.S, Bengaluru
☆ Burry, famous for 'Big Short,' bought bearish options against S&P, Nasdaq 100
  + stars: | 2023-08-14 | by ( David Randall Saqib Iqbal Ahmed | David Randall | Saqib Iqbal Ahmed | ) www.reuters.com   time to read: +3 min
REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).
Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York
☆ Russia's near-mutiny just cratered its currency against the dollar
  + stars: | 2023-06-27 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
The near-mutiny in Russia this weekend had some unexpected consequences for currencies — more on that below. And yet — the Russian ruble still plunged 3% to a 15-month low on Monday, trading at one point near 87 per dollar. The Kremlin said there was a huge uptick in foreign currency demand across 15 regions in Russia, per Reuters. During the mutiny, Russian banks had cut their ruble exchange rates to over 100 per dollar, though they've since eased prices. What's your outlook for the Russian ruble by year-end?
Persons: Phil Rosen, You'll, Vladimir Putin, GAVRIIL, Yevgeny Prigozhin's, Wagner, Prigozhin, Andrei Belousov, Putin hasn't, Spencer Platt, Morgan Stanley, Billionaire Ron Baron, Warren, there's, Goldman Sachs, Elon, Max Adams, Hallam Bullock Organizations: SPUTNIK, Getty, Reuters, Wall Street Journal, Manchester United, Walgreens, Alliance Inc, Billionaire, Dow, Harvard, Bank of America, Elon Musk's Locations: New York, Russia, Moscow, Ukraine, —, Voronezh, Rostov, Lipetsk, London
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