Is it Friday yet?
Macy's said earnings for the three months ending on November 2 came in at 7 cents per share, down nearly 75% from the same period last year but 7 cents ahead of the Street consensus forecast. Group revenues, Macy's said, fell 4.2% to $5.17 billion, but came in shy of analysts' estimates of a $5.32 billion tally.
Same-store sales fell 3.5%, Macy's said, well shy of the 1% decline forecast by analysts that cover the company, and Macy's said it now sees full-year earnings in the region of $2.57 to$2.77 per share, down around 30 cents from its prior forecasts. Full-year sales will likely fall by 2.5% from last year's $24.971 billion total, compared to the company's prior forecast of a flat 2019.
"Our third-quarter sales were impacted by the late arrival of cold weather, continued soft international tourism and weaker than anticipated performance in lower-tier malls," said CEO Jeff Gennette.
On Wednesday, we got some trade news that--for the markets at least--helped investors shrug off the incendiary headlines that were coming out of the impeachment hearings.
So, let's talk about those headlines.
In case you missed it, Ambassador Gordon Sondland, who is the U.S. ambassador to the European Union testified Wednesday that he followed President Donald Trump's orders to pressure Ukraine.
Charles Schwab's Reportedly Interested in Buying TD Ameritrade
CNBC reported this morning that Schwab is in talks to buy TD Ameritrade.
CNBC citing sources close to the transaction, noting that a deal could be announced later today. The takeover speculation follows last month's move by Schwab to eliminate commissions for its retail clients, setting off a so-called "zero commissions" war in the online brokerage space that hammered the sector and caused major changes to earnings forecasts.
A combined Schwab and TD Ameritrade would have assets nearing $5 trillion, more than 23 million clients and nearly 30,000 employees.
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