While you were sleeping: US retailers tumble

Thu, 11 May 2017

By Margreet Dietz May 12 (BusinessDesk) - Wall Street fell after disappointing results from Macy’s sent retail stocks lower and offered concern about US consumer spending. Shares of Macy’s traded 15.9 percent lower as of 2.49pm after it reported a larger-than-expected drop in comparable sales for its latest quarter. “We now believe that our estimates did not accurately reflect the speed at which market-share losses would occur,” Bridget Weishaar, an analyst at Morningstar, said in a note, Bloomberg reported. “Given first-quarter resu...

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