Macy's Dragged Down Following JC Penney's Horrible Guidance

Macy's Inc M shares are trading lower by $1.30 (6.3 percent) at $20.00 in Friday's session.

The stock, as well as many others in the department store sector are suffering after JC Penney JCP offered much lower Q3 guidance ahead of its report on Nov. 10.

See Also: 8 Stocks To Follow On JC Penney's Concerning Outlook

After a much lower open, Macy's managed a brief 14-cent rally to $20.50 before continuing its move lower. The ensuing decline took the stock to $19.93 and it's struggling to remain in the $20.00 handle.

The current low coincides with a pair of lows from Oct. 18 ($19.93) and Oct. 19 ($19.94).