Macy's Falls To 6-Year Low After Q1 Miss
Macy's Inc (NYSE:M) shares are trading lower by $4.00 (13 percent) at $25.34 in Thursday's session.
The catalyst for the huge decline is a Q1 miss of a dime along with a sales miss of $220 million.
After a much lower open, Macy's stock managed a brief pop to $27.00 before continuing its descent lower. It has continued to make lows for the session, with the current one standing at $25.22. Its current low coincides with its October 6, 2011, low of $25.28.
Based on the daily charts, there may be limited support in the issue down to its October 4, 2011, low ($24.38) if the rapid decline continues.
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