While you were sleeping: Macy’s cuts profit outlook

While you were sleeping: Macy’s cuts profit outlook
Margreet Dietz
By Margreet Dietz Nov. 12 (BusinessDesk) - Wall Street weakened as a profit downgrade from Macy’s and freshly disappointing data from China weighed on the market. Shares of US retailers dropped on a bleak earnings report from Macy’s. Shares of Macy’s sank, falling as much as 15 percent, after it posted a larger-than-expected slump in third-quarter sales and lowered its annual profit estimate. It also said it will not form a real estate investment trust. “It’s obviously troubling,” Macy’s Chief Executive Officer Terry Lundgren told Bloo...