While you were sleeping: Macy’s, Disney disappoint

Wed, 11 May 2016

By Margreet Dietz May 12 (BusinessDesk) - Wall Street declined amid disappointing earnings from Macy’s and Walt Disney, which fuelled concern US consumers are keeping their purse strings tight. Shares of Macy’s tumbled, trading 14.4 percent weaker as of 2.54pm in New York, after the largest US department store company downgraded its full-year sales and earnings outlook. “We are seeing continued weakness in consumer spending levels for apparel and related categories,” Terry Lundgren, Macy’s chief executive officer, said in a statement....

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