The retail sector was hit hard after it released holiday sales.
Jonathan Corpina, senior managing partner at Meridian Equity Partners, discussed the retail sector.
Retailers, such as Target (TGT - Get Report) and Macy's (M - Get Report) , fell in morning trading. TheStreet's Martin Baccardax reported on Target's holiday sales. The company said same store sales for the two months ending in December rose 5.7%, well ahead of the 3.4% pace recorded over the same period last year.
Macy's lowered its guidance, according to TheStreet's Tony Owusu, and said it now expects comparable-store sales to increase 2% in the year, down from its previous estimate of between 2.3% and 2.5%. Net sales are now expected to be flat year over year, down from the previous estimate of a 0.3% to 0.7% increase, Macy's said.