Can Macy’s Meet Nordstrom’s Earnings Reaction (M)
February 25, 2008 by Douglas A. McIntyreOn Tuesday morning we’ll get to see earnings out of Macy’s, Inc. (NYSE: M). The estimates from First Call are $1.60 EPS on $8.62 billion in revenues. Next quarter estimates are $0.04 EPS and $5.81 billion in revenues, and estimates for fiscal Jan-2009 are $2.03 EPS and $26.06 billion in revenues.
Analysts have an average price target of $29.00 and the Macy’s 52-week trading range is $20.94 to $46.70. Macy’s had recently announced lower guidance, several store closures, and more than 2,000 employee job cuts.
At $24.76 on Monday this one is even farther off of its highs than Nordstrom earnings. Nordstrom earnings guidance was weak and that likely may set the trend that even bad news is starting to get factored in if it isn’t catastrophic. Macy’s already lowered its own bar.
Jon C. Ogg
February 26, 2008
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