Macy's Massacred After Issuing Lower Guidance

Macy's

shares are trading sharply lower by $6.50 at $40.52 in Wednesday's session. The catalyst for the decline is sharply lower Q4 and FY 2015 guidance following a Q3 beat of $0.02. After a sharply lower open, it rallied only $0.15 to $42.81 before continuing to move lower. The ensuing decline has taken the issue to $40.10 and it is attempting to rebound. Macy's has not traded under $40 since February 27, 2013, when it bottomed at $39.62. The issue has lost 45 percent since making its all time high in July at $73.61.

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