Dividend.com: Prologis Cuts Yield

Macy's Hits 15-Year Lows, but Management Still Optimistic

Macy's(M Quote) just reported a third-quarter loss of $44 million, or 10 cents per share, after a profit of $33 million, or 8 cents per share, a year earlier.

Sales fell to $5.49 billion from $5.9 billion a year earlier, but that was in-line with analyst estimates. Management did say it's confident about the company's strong cash flow, solid balance sheet and ample borrowing capacity. The company also plans to continue to aggressively manage expenses and inventories.

Another big item was the company reducing its budget for 2009 capital expenditures from approximately $1 billion to a range of $550 million to $600 million. In 2008, the total amounted to $950 million.

As for the outlook, the company sees 2008 EPS to finish in the $1.30-$1.50 per share range. The consensus is at $1.37.

We had removed shares of Macy's from our "Recommended" list on Sept.17, when the stock was trading at $20.17. The company has a dividend yield of 5.53%, based on last night's closing stock price of $9.41. The company is now trading at 15-year lows. That said, we would like to see the shares stabilize here, before we think the stock has bottomed.

Macy's is not recommended at this time, holding a Dividend.com Rating of 3.1 out of 5 stars.

Qualcomm's New 'Kayak' Device Aims to Bring Web to Emerging Markets

Mobile technology company Qualcomm(QCOM Quote) unveiled Wednesday a new device named Kayak that aims to allow wireless Internet access to people in developing countries, without using a computer.