Opening Bell: Stocks Slip and Macy’s Shares Sink on Weak First Quarter

U.S. stocks opened slightly lower on Wednesday, as Macy's (M) - Get Report reported disappointing first quarter results. While the retail giant posted earnings per share of $0.40, which beat estimates of $0.36, revenue of $5.77 billion missed estimates of $5.93 billion. Macy's CEO Terry Lundgren said consumers are spending less money on clothing and sales for stores in tourist markets declined double digits. Plus, the federal government nixed the Staples (SPLS) and Officer Depot (ODP) - Get Report merger, amid worries the deal would reduce competition in the marketplace. Experts said the government may have downplayed just how much these companies compete with online retail giant Amazon (AMZN) - Get Report . Finally, Wednesday is Chipotle's (CMG) - Get Report annual shareholder meeting. The company could face a proxy fight, as Chipotle's stock is down about 30 percent since the company's epic E. coli outbreak, which began last fall. TheStreet's Scott Gamm reports from Wall Street.