Macy's Inc M shares are trading lower by $1.21 (5.4 percent) at $20.60 in Monday's session.
It's participating in the rout in the retail sector that was instigated by a report that Nordstrom Inc. JWN's go-private deal could fall apart.
After ending August at $20.77, Macy's stock peaked in September at $22.87 and ended Friday's session at $21.82. It was unable to regain Friday's close off today's open, only reaching $21.72 before continuing its move lower.
The ensuing decline has taken Macy's beyond its September low ($20.79), reaching $20.37. That marks the lowest level for the stock since it bottomed on Aug. 23 at $20.21.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.