NEW YORK (TheStreet) -- Shares of Nordstrom (JWN) - Get Nordstrom, Inc. (JWN) Report  were lower in early-afternoon trading on Tuesday, ahead of the company's 2016 second-quarter results, due out after Thursday's market close. 

The Seattle-based upscale fashion retailer is expected to report earnings of 56 cents per share on revenues of $3.67 billion for the most recent quarter. For the year-ago period, the company posted earnings of 93 cents per share on revenues of $3.70 billion. 

Jim Cramer said that Nordstrom, Macy's (M) and Kohl's (KSS) are currently among the weakest retailers this year. 

Nordstrom could be further slammed by a "recession for the rich," according to Morgan Stanley

"In our view, the high-end consumer appears firmly in recession, and we don't expect this to change given ongoing stock market volatility, rising macroeconomic uncertainty and the looming political election," wrote Morgan Stanley.

The well-off seem to be spending their money on experiences rather than expensive handbags.

"Such a backdrop elevates top-line risk, which coupled with Nordstrom's limited expense flexibility, likely sets up for further negative earnings per share revisions," the firm said. 

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Nordstrom as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

You can view the full analysis from the report here: JWN

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