WeWork officially filed for its IPO on Wednesday morning.
The company will be the second-biggest IPO of the year, after Uber UBER.
It plans to have three tiers of shares.
And The We Company, as they call themselves, will trade under the ticker "WE."
The Inverted Yield Curve
Let's first define exactly what it is.
TheStreet's Martin Baccardax wrote, "The so-called yield curve, a term for the difference between interest rates of different maturities in the bond market, has 'flattened' throughout the spring and summer months as two-year yields fall in anticipation of interest rate cuts from the Federal Reserve and 10-year yields following suit amid questions over mid-term growth prospects and huge inflows of foreign investment dollars as trillions in fixed income debt outside of the U.S. falls deeper into negative rate territory."
Now here's why that matters: historically, an inversion of the yield curve means that there's a recession on the horizon.
An inversion--just so investors are caught up--means that the two-year yields rise above the ten-year yields.
Real Money Stock of the Day Macy's earnings per share disappointed the Street Wednesday morning.
The company reported earnings per share of 28 cents, far short of the expectation of 45 cents.
Revenue came in at $5.546 billion, in-line with the Street's forecast.
And the kicker? Well, Macy's announced that it was lowering its EPS guidance by 20 cents. Here's what the company said in its report, "Based primarily on its second quarter of 2019 performance, the company is lowering its guidance for Diluted EPS, excluding settlement charges, impairment and other costs, by 20 cents."
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