Announcer this is nightly Business Report with Tyler Mathisen and sue herera. Retail wreck. Will this earnings season be the sectors worst in nearly a decade . Staying focused. The markets brushed off the firing of the fbi director, and stocks are oddly calm. Why . And what moves if any should investors like you make . Modern medicine. How Artificial Intelligence could one day predict what diseases we might get. Those stories and more tonight on nightly Business Report for wednesday, may 10th. Good evening, everyone, and welcome. The talk in washington and on wall street was about yesterdays firing of fbi director james comey. More on that in a moment, but we begin tonight with retail. Some say the industry now faces its biggest challenge since the great recession. And as the sector gets set to report earnings, investors are preparing for the worst. Weve already seen a growing number of retailers file for bankruptcy. And if the pace keeps up, this year could see highest number of such
Drop in quarterly sales, and it lowered its Earnings Guidance for the year, something many investors dont want to see heading into the Holiday Season. And that sent shares lower, falling nearly 14 , its worst day since 2008. Courtney reagan has more on macys meltdown. Reporter for the second straight quarter, the magic was missing at macys. The Department Store beat profit expectations but reported disappointing sales and cut its fullyear earnings forecast. Ceo Terry Lundgren said many of the issues that plagued them during the year have gotten worse, including declining Tourist Spending at its highest volume and most profitable bigcity stores and unseasonably warm weather crimping sales of coldweather merchandise. The reality is, particularly in the northeast, it is much warmer this year than last. And so, we expect thats going to continue. Thats not going to those things are just not going to change dramatically, i dont believe. And at some point in time, you run out of days to sell
Drop in quarterly sales, and it lowered its Earnings Guidance for the year, something many investors dont want to see heading into the Holiday Season. And that sent shares lower, falling nearly 14 , its worst day since 2008. Courtney reagan has more on macys meltdown. Reporter for the second straight quarter, the magic was missing at macys. The Department Store beat profit expectations but reported disappointing sales and cut its fullyear earnings forecast. Ceo Terry Lundgren said many of the issues that plagued them during the year have gotten worse, including declining Tourist Spending at its highest volume and most profitable bigcity stores and unseasonably warm weather crimping sales of coldweather merchandise. The reality is, particularly in the northeast, it is much warmer this year than last. And so, we expect thats going to continue. Thats not going to those things are just not going to change dramatically, i dont believe. And at some point in time, you run out of days to sell
Drop in quarterly sales, and it lowered its Earnings Guidance for the year, something many investors dont want to see heading into the Holiday Season. And that sent shares lower, falling nearly 14 , its worst day since 2008. Courtney reagan has more on macys meltdown. Reporter for the second straight quarter, the magic was missing at macys. The Department Store beat profit expectations but reported disappointing sales and cut its fullyear earnings forecast. Ceo Terry Lundgren said many of the issues that plagued them during the year have gotten worse, including declining Tourist Spending at its highest volume and most profitable bigcity stores and unseasonably warm weather crimping sales of coldweather merchandise. The reality is, particularly in the northeast, it is much warmer this year than last. And so, we expect thats going to continue. Thats not going to those things are just not going to change dramatically, i dont believe. And at some point in time, you run out of days to sell
Of the month. That being about 80. We are moving higher. You see this morning. Our road map starts with what you might expect. These markets are surging overnight on central bank action. China unexpectedly cutting Interest Rates. Mario draghi promises more aggressive stimulus in europe. It is a big morning for dan loeb. Dow chemical and third point reached an agreement. Management changes at hertz and sothebys which loeb is on the board of also expecting to change their ceo soon. On the earnings front, gap cuts its profit forecast. That stock is moving lower. And the president announces executive action on immigration. There are vast economic consequences. House Speaker John Boehner will respond in a few minutes. Want to start off welcoming back my friend. My dear friend. Thank you. Thank you for being back. Your dad wants you back at work. Bop loved you. You know that. You knew that for many, many years. Pop loved you. I did. He loved the work we did and he wanted you to get back to w