Spare cash . Whats the consumer buying . These are the questions that plague all Portfolio Managers as they try to follow the money. Right now theyre leaving you in some shocking directions including today where the dow declined. Nasdaq also dipped 3. 2 . First let me just say the single biggest buzz on wall street today, the most salient gut wrenching story is this shocking decline in the business in the stock of the iconic retailer that is macys. While few people actually expected macys to do well in an environment where the globe seems to be warming right in front of our very eyes, todays sharp selloff on some really bad earnings kind of took our breaths collectively away. As the chairman and ceo said at the very beginning of his really i think very disconcerting Conference Call, we had a very tough quarter. We are clearly disappointed with the 3. 6 decline in Comp Store Sales of owned and licensed businesses. And the 8 drop in earnings per share. We believe that the retail industry
Heres the rub. It may feel familiar in terms of the magnitude of the decline to mr. Lundgren, but it isnt familiar when it comes to the reasons for the dropoff. The last time we had such a sharp decline in sales as lundgren talks about later in his Conference Call was after the fall of lehman brothers. Sales just stopped back then. That was the recessisi and then morphed inin the greatest recession. Were not experiencing anything like that cataclysmic systemic event right now. In fact, this is whats so hard to understand. Its just the opposite. Last friday we had the best employment report in ages. Less than a week ago. Were seeing meaningful wage growth, again a first. Unemployment belowow . If you didnt know a a better youd think its time for the band to strike up happy days are here again. Things abe so strong on the job front we can fully expect Federal Reserve to raise rates when they meet in december. How can they not . A victory lap can be justified, even if i think its unnecess
Nasdaq also dipped 3. 2 . First let me just say the single biggest buzz on wall street today, the most salient gut wrenching story is this shocking decline in the business in the stock of the iconic retailer that is macys. While few people actually expected macys to do well in an environment where the globe seems to be warming right in front of our very eyes, todays sharp selloff on some really bad earnings kind of took our breaths collectively away. As the chairman and ceo said at the very beginning of his really i think very disconcerting Conference Call, we had a very tough quarter. We are clearly disappointed with the 3. 6 decline in Comp Store Sales of owned andndicensed businesses. And the 8 drop in earnings per share. We believe thathe retail industrys going through a tough period that we seem to experience Something Like this every five to seven years or so. And this one feels familiar in that regard. Aha. Heres the rub. It may feel familiar in terms of the magnitude of the d d
Today, the most salient gut wrenching story is this shocking decline in the business in the stock of the iconic retailer that is macys. While few people actually expected macys to do well in an environment where the globe seems to be warming right in front of our very eyes, todays sharp selloff on some really bad earnings kind of took our breaths collectively away. As the chairman and ceo said at the very beginning of his really i think very disconcerting Conference Call, we had a very tough quarter. We are clearly disappointed with the 3. 6 decline in Comp Store Sales of owned and licensed businesses. And the 8 drop in earnings per share. We believe that the retail industrys going through a tough period that we seem to experience Something Like this every five to seven years or so. And this one feels familiar in that regard. Aha. Heres the rub. It may feel familiar in terms of the magnitude of the decline to mr. Lundgren, but it isnt familiar when it comes to the reasons for the dropo
Ten year right around 1. 9. China trade was amiss and uk inflation at a 14 year low. Stocks pointing higher as earnings begin to roll out. Different story for oil fall to go merely a six year low as opec says it will not change its drought put strategy. And speaking of earning, alcoa did top expectations. What the ceo has to say about their Fourth Quarter results. Plus why Credit Suisse thinks iphone sales could drift stock to 130. But stocks look to end a two session losing streak. Oil back down below 45. Oil minister defending opecs decision into the tonot to reduce output. Brent around 45 as well. It was said its not about whether the price hike will come, its about more the timing. All i can tell you is that other countries and other continents are starting to react positively. Getting better feel from china. Europe were hearing Better Things because of the oil tee decline. India were starting to get a good read. The calvary is beginning to come from this low oil whereas we have ob