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) and Macy's (M) , 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.