Macy's Shares Plunge 17% as Earnings Results Spark Panic in Retail Stocks
Macy's (NYSE: M) stock is in free fall today -- and the bad news doesn't end there.
After missing earnings pretty badly this morning, with adjusted profits falling to just $0.28 per share versus the $0.45 per share that Wall Street had expected in Q2, Macy's stock is down 17.4% as of 10:15 a.m. EDT. Following Macy's lower are fellow retailers Kohl's (NYSE: KSS) and Urban Outfitters (NASDAQ: URBN), down 10.1% and 6.9%, respectively.
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Source Fool.com
