Why Macy's Stock Plunged 60% in the First Half of the Year
Macy's (NYSE: M) shares fell 60% in the first six months of the year, according to data from S&P Global Market Intelligence, as the company was hit hard by the coronavirus pandemic. The department store chain was forced to sharply cut back on expenses, take on more debt, and pause its turnaround as stores closed for several weeks. Looting at several of its stores also added to the company's challenges.
As you can see from the chart below, the stock tumbled when the pandemic started -- and it has not yet recovered.
Source Fool.com
