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Wire

Macy's Will Continue to Lose Market Share, UBS Says

Macy's (M) will continue to lose market share due to significant challenges versus peers in price, product and service, with its Q2 results reinforcing this view, UBS Securities said.The investment firm said in a Wednesday note that it expects earnings to remain pressured over the next few years and projects a 2% 5-year EPS compound annual growth rate. It expects consensus EPS to move lower in the near term as softer sales and operating expense deleverage weigh on earnings.Macy's guided Q3 comparable sales to roughly flat at the midpoint despite strong Q2 results, suggesting sequential deceleration and continued market share pressure, according to the note.Looking ahead, difficult comparisons from Reimagine stores and the diminishing benefit from the luxury market disruption could make current growth levels harder to sustain, the brokerage said.The brokerage raised its 2026 earnings per share estimate to $2.30 from $2.10 and its 2027 and 2028 EPS estimates by 3% to $2.15 and $2.20, respectively.UBS has a sell rating on Macy's with a price target of $10.Price: $21.65, Change: $-0.16, Percent Change: -0.76%

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Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) adding 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.5%.In corporate news, Starbucks (SBUX) is allotting $1 billion to improve its stores' interiors aiming to lure back customers and make them stay longer, the Financial Times reported, citing company senior vice president Dawn Clark. About 1,500 renovations will be done by the end of September, and the program will be expanded in the coming years to include 8,000 or 9,000 of over 11,000 company-operated stores in North America, the Times cited the company's CEO Brian Niccol as saying. Starbucks shares were down 0.9%.Macy's (M) lifted its full-year outlook on Thursday as the department store operator reported higher-than-expected fiscal Q2 earnings and revenue. Its shares still fell past 4%.Walmart (WMT) is expanding its delivery service with the addition of Papa John's International (PZZA), Bloomberg reported. The companies' delivery partnership is set to start in the coming weeks, initially in select markets before expanding to thousands of Papa John's locations in the US, the report said. Walmart shares shed 0.1%, and Papa John's declined 0.5%.Ford Motor (F) plans to invest $1 billion on a new paint shop at its Kentucky Truck Plant in Louisville, the company's largest and highest-revenue US manufacturing plant. Ford shares rose 3.3%.

$F$M$PZZA$SBUX$WMT
Sectors

Sector Update: Consumer Stocks Mixed Thursday Afternoon

Consumer stocks were mixed Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) adding 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.2%.In corporate news, Macy's (M) lifted its full-year outlook on Thursday as the department store operator reported higher-than-expected fiscal Q2 earnings and revenue. Its shares still fell past 4%.Walmart (WMT) is expanding its delivery service with the addition of Papa John's International (PZZA), Bloomberg reported. The companies' delivery partnership is set to start in the coming weeks, initially in select markets before expanding to thousands of Papa John's locations in the US, the report said. Walmart shares rose 0.2%, and Papa John's added 0.7%.Grab (GRAB) is in talks to potentially acquire a majority interest in Singapore-based buy-now-pay-later firm Atome Financial, Bloomberg reported. The acquisition could price Atome at over $2 billion, the report said. Grab shares were shedding 0.2%.

$GRAB$M$PZZA$WMT
Sectors

Sector Update: Consumer

Consumer stocks were mixed Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fractionally lower.In corporate news, Macy's (M) lifted its full-year outlook on Thursday as the department store operator reported higher-than-expected fiscal Q2 earnings and revenue. Its shares were still down nearly 4%.

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Wire

Top Midday Stories: Macy's Shares Fall Despite Strong Earnings; Amazon Reportedly Collaborates With OpenAI on ChatGPT Advertising

All three major US stock indexes were down in late-morning trading Thursday, as oil prices continued to rise amid the ongoing conflict between the US and Iran.In company news, Macy's (M) reported fiscal Q2 adjusted earnings Thursday of $0.63 per diluted share, up from $0.35 a year earlier and above the FactSet consensus analyst estimate of $0.37. Fiscal Q2 net sales were $4.87 billion, up from $4.81 billion a year ago and above the FactSet consensus of $4.81 billion. For fiscal Q3, the company expects an adjusted diluted loss of $0.23 to $0.19 on net sales of $4.65 billion to $4.70 billion. Analysts polled by FactSet expect an adjusted loss of $0.06 on sales of $4.65 billion. For fiscal 2026, Macy's expects adjusted diluted EPS of $2.15 to $2.35, up from its prior outlook of $2 to $2.20 and compared with the FactSet consensus of $2.24. The company expects fiscal 2026 net sales of $21.675 billion to $21.825 billion, up from its previous guidance of $21.50 billion to $21.75 billion and compared with the FactSet consensus of $21.72 billion. Macy's shares were down 2.9% around midday.Amazon (AMZN) Ads, the technology giant's advertising arm, has entered into a partnership with OpenAI through which it will let its advertisers place ads in ChatGPT, according to media reports. Amazon shares were up 0.1%.Cooper Companies (COO) reported fiscal Q3 adjusted EPS late Wednesday of $1.15, up from $1.10 a year earlier and above the FactSet consensus of $1.12. Fiscal Q3 revenue was $1.07 billion, up from $1.06 billion a year ago but below the FactSet consensus of $1.10 billion. For fiscal Q4, the company expects adjusted EPS of $1.05 to $1.09 on revenue of $1.06 billion to $1.08 billion. Analysts polled by FactSet expect $1.19 and $1.11 billion, respectively. For fiscal 2026, Cooper expects adjusted EPS of $4.51 to $4.55 on revenue of $4.23 billion to $4.25 billion. Previously, it expected adjusted EPS of $4.58 to $4.66 on revenue of $4.29 billion to $4.32 billion. Analysts expect $4.63 and $4.31 billion, respectively. Cooper shares were down 13.6%.Bending Spoons (BSP) said Thursday it has agreed to buy Miro at an enterprise value of about $1.36 billion. The all-cash deal implies an equity value of $1.79 billion, the company said. Shares of Bending Spoons were up 8.4%.Redwood Trust (RWT) plans to offer $150 million of convertible senior notes due 2030 in a private offering to institutional buyers, the company said Thursday. Redwood shares were down 17.8%.Grab (GRAB) is in talks to potentially acquire a majority interest in Singapore-based buy-now-pay-later firm Atome Financial, Bloomberg reported Thursday, citing people familiar with the matter. The acquisition could price Atome at over $2 billion, the report said, citing the people. Grab shares were down 0.5%.Price: $20.82, Change: $-0.70, Percent Change: -3.23%

$AMZN$BSP$COO$GRAB$M$RWT
Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday Amid Producer Price Inflation Data Release

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.6%, and the actively traded Invesco QQQ Trust (QQQ) was 1.5% lower in Thursday's premarket activity amid the release of producer-price inflation data.US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures slipping 0.6% before the start of regular trading.The US Producer Price Index rose 0.4% in August, as expected in a survey compiled by Bloomberg, following a 0.1% gain in July.Initial jobless claims fell to 206,000 in the week ended Sept. 5 from 207,000 in the previous week, compared with expectations for a drop to 205,000.The existing home sales report for August and wholesale inventory data for July will be released at 10 am ET.Weekly natural gas stocks will be released at 10:30 am ET.In premarket activity, bitcoin was down by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) retreated 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1%, the iShares US Technology ETF (IYW) was 0.4% lower, and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) fell 2.1%.Navan (NAVN) shares were down 15% following the company's fiscal Q2 results and acquisition of events platform BoomPop.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was flat. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1% lower.Hagerty (HGTY) shares were down 8% in early-hours activity after the company priced an upsized secondary offering by a selling shareholder of about 9.3 million Class A common shares at $11.95 apiece.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.3%.Centrus Energy (LEU) stock was down more than 7%, a day after the company priced a public offering of its securities for expected gross proceeds of about $500 million.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) retreated 0.2%.Axogen (AXGN) stock was down more than 4% premarket after the company said it has agreed to acquire privately held medical device company BioCircuit Technologies and priced a $208.7 million public offering of about 4.9 million shares.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) and the iShares US Consumer Staples ETF (IYK) were inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.3%. The VanEck Retail ETF (RTH) was down 0.4%, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% lower.Macy's (M) shares were down more than 4% pre-bell after the company said it expects an adjusted loss for fiscal Q3.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) was flat, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.SpaceX (SPCX) shares were retreating marginally by 0.6% before the opening bell. Reuters reported Thursday, citing disclosures it received in response to a freedom of information request, that the company has received about $40 million from the UK government in exchange for its satellite services.CommoditiesFront-month US West Texas Intermediate crude oil was up by 3.8% at $99.65 per barrel on the New York Mercantile Exchange. Natural gas was 1.2% lower at $2.79 per 1 million British Thermal Units. The United States Oil Fund (USO) rose 2.7%, while the United States Natural Gas Fund (UNG) retreated 1.1%.Gold futures for November were down by 1.3% at $4,404.60 an ounce on the Comex. Silver futures fell 4.4% to $65.63 an ounce. SPDR Gold Shares (GLD) decreased 1.6%, and the iShares Silver Trust (SLV) was 4.9% lower.

Dow JonesNasdaq CompositeS&P 500$AXGN$FAS$FAZ$GLD$HGTY$IBB$IGM$IYE$IYH$IYJ$IYK$IYW$LEU$M$NAVN$QQQ$RTH$SLV$SOXX$SPCX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Macy's Raises Full-Year Outlook Following Fiscal Second-Quarter Beat
US Markets

Macy's Raises Full-Year Outlook Following Fiscal Second-Quarter Beat

Macy's (M) lifted its full-year outlook on Thursday as the department store operator reported higher-than-expected fiscal second-quarter earnings and revenue.Adjusted earnings are now anticipated to be in a range of $2.15 to $2.35 per share for fiscal 2026, up from the previous guidance of $2 to $2.20. The current consensus on FactSet is for non-GAAP EPS of $2.24Sales are pegged to come in between $21.68 billion and $21.83 billion, compared with prior projections of $21.5 billion to $21.75 billion. The Street is looking for sales of $21.72 billion. Comparable owned-plus-licensed-plus-marketplace sales are forecast to increase by 1% to 1.5%, up from the previous outlook for growth of 0.5% to 1.2%."We are raising our full year outlook, reflecting our better results and confidence in the bold new chapter strategy, as well as a pass-through of a portion of our tariff refunds," Chief Executive Tony Spring said during an earnings call, according to a FactSet transcript. "Consistent with our past practice, we are taking a prudent approach that provides the flexibility to respond to potential changes in the competitive landscape and consumer demand."In a client note emailed in August, UBS Securities said it expected Macy's to raise its earnings guidance. However, the brokerage said at the time that it did not expect the second-quarter results to meaningfully change investor sentiment, which it viewed as leaning bearish.Macy's shares fell 3% in the most recent premarket activity.Last month, department store chain Kohl's (KSS) raised its full-year earnings outlook due to tariff refunds but said it continues to expect subdued sales amid a difficult operating environment. Retailer Target (TGT) also lifted its full-year outlook.For the three months through Aug. 1, Macy's adjusted EPS advanced to $0.63 from $0.35 the year before, topping the average analyst estimate of $0.37. The result included a net tariff refund benefit of $0.23. Sales, inclusive of store closures, rose to $4.87 billion from $4.81 billion, which was the Street's view.The company received $98 million in tariff refunds during the quarter. Earlier this year, the US Supreme Court ruled that the Trump administration lacked authority under the International Emergency Economic Powers Act to impose certain tariffs, paving the way for refunds to companies that had paid the duties.Comparable sales rose 2.7% on a yearly basis. By brand, Macy's comparable sales were up 1.1% while Bloomingdale's climbed 11%. Bluemercury comparable sales grew 6.2%.For the ongoing three-month period, Macy's expects to record an adjusted loss of between $0.19 and $0.23 a share, according to an earnings presentation, compared with the market's current forecast for a $0.06 loss. Sales are set to be in a range of $4.65 billion to $4.7 billion, while the Street is looking for $4.65 billion.Comparable sales are anticipated to be down 0.5% to up 0.5%, the presentation showed.

$KSS$M$TGT
Sectors

Sector Update: Consumer Stocks Mixed Premarket Thursday

Consumer stocks were mixed premarket Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.5% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.7%.American Eagle Outfitters (AEO) stock was down nearly 15% even after the company posted higher fiscal Q2 earnings and revenue.Macy's (M) shares were down more than 4% after the company issued its fiscal Q3 outlook, expecting a wider loss than projected by analysts.Philip Morris International (PM) expanded its Zyn portfolio, adding options across nicotine strengths, flavors, moisture levels and pouch formats, the company said. Philip Morris International shares were 0.8% higher pre-bell.

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Asia Markets

Update: US Equity Futures Lower Pre-Bell Thursday as Traders Assess Inflation Data Amid Higher Oil Prices

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Thursday as traders assessed the first of two key inflation reports this week and observed oil prices continuing to ascend, with Brent crude futures exceeding $105 per barrel.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.President Donald Trump said that he expects the war with Iran to end after the November US midterm elections, according to media reports. He told reporters Wednesday that Iran was trying to influence the elections.Traders digested the latest round of earnings, with Macy's (M) posting higher fiscal Q2 adjusted earnings and revenue.Oracle (ORCL) is expected to report its fiscal Q1 earnings after the market closes. Analysts polled by FactSet expect earnings of $1.74 per share on revenue of $19.14 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.4% at $105.67 per barrel and US West Texas Intermediate crude 4.8% higher at $100.66 per barrel.The US Producer Price Index, a measure of wholesale inflation released at 8:30 am ET, rose 0.4% in August as expected in a survey compiled by Bloomberg, and following a 0.1% gain in July. The consumer price index follows on Friday.Initial jobless claims fell to 206,000 in the week ended Sept. 5 from 207,000 in the previous week, compared with expectations for a drop to 205,000.The existing home sales report, scheduled for release at 10 am ET, is expected to show a decrease of 1.7% for August after a 1.7% drop in the prior month.In other world markets, Japan's Nikkei closed 0.2% higher, Hong Kong's Hang Seng ended 1.3% lower, and China's Shanghai Composite finished 0.4% lower. Meanwhile, the UK's FTSE 100 was down 0.6%, and Germany's DAX index was 0.2% lower in Europe's early afternoon session.In equities, Macy's stock fell 4% after the company reported its fiscal Q2 financial results. HSBC (HSBC) shares dropped 1.9% after the company said that Pam Kaur plans to step down as chief financial officer and executive director next year. UBS (UBS) stock was down 1.8% after a Reuters report that the company plans to cease its fund sales unit in China at the end of September.On the winning side, Exxon Mobil (XOM) and ConocoPhillips (COP) shares were up 1.9% and 2.3%, respectively, as part of a broader upswing in energy-related stocks.

Dow JonesNasdaq CompositeS&P 500$COP$HSBC$M$ORCL$UBS$XOM
Japan

US Equity Futures Mixed Pre-Bell Thursday as Traders Await Inflation Data Amid Higher Oil Prices

US equity futures were mixed pre-bell Thursday as traders awaited the first of two key inflation reports this week and observed oil prices continuing to ascend, with Brent crude futures exceeding $103 per barrel.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.6% lower.President Donald Trump said that he expects the war with Iran to end after the November US midterm elections, according to media reports. He told reporters Wednesday that Iran was trying to influence the elections.Traders digested the latest round of earnings, with Macy's (M) posting higher fiscal Q2 adjusted earnings and revenue.Oracle (ORCL) is expected to report its fiscal Q1 earnings after the market closes. Analysts polled by FactSet expect earnings of $1.74 per share on revenue of $19.14 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.7% at $103.95 per barrel and US West Texas Intermediate crude 3.1% higher at $99.17 per barrel.The August Producer Price Index, a measure of wholesale inflation, is scheduled for release at 8:30 am ET. The consumer price index follows on Friday.The weekly jobless claims bulletin is expected at 8:30 am ET, while the existing home sales report is slated for 10 am ET.

Dow JonesNasdaq CompositeS&P 500$M$ORCL
Stocks Mostly Up Pre-Bell Ahead of Producer Prices Report
US Markets

Stocks Mostly Up Pre-Bell Ahead of Producer Prices Report

The main US stock measures were mostly pointing higher in Thursday's premarket activity as traders await last month's wholesale inflation data.The S&P 500 edged up 0.1%, and the Dow Jones Industrial Average increased 0.2% before the opening bell, while the Nasdaq was down 0.2%. The indexes closed Wednesday trading in the red for the third consecutive session.Last month's producer price index, a measure of wholesale prices, is scheduled to be released at 8:30 am ET. Official data is expected to show that producer prices rose 0.4% and 5.3% in August on sequential and annual bases, respectively, according to a Bloomberg-compiled consensus.The consumer price index for August is scheduled for release on Friday.Federal Reserve Chair Kevin Warsh said late last month that the central bank should focus on its price stability mandate, in what came across as hawkish remarks amid concerns among other Fed officials over elevated inflation."Rising oil prices raise the risk of further inflationary pressures coming down the pipeline, increasing the argument for the (Federal Reserve) to act sooner than later," Stifel Chief Economist Lindsey Piegza said Wednesday in a report e-mailed to.Markets are pricing in a 61% probability that the Fed will raise the benchmark lending rate by 25 basis points, according to the CME FedWatch tool.Treasury yields were trending upwards, with the two-year rate rising 1.3 basis points to 4.44% and the 10-year rate adding 1.9 basis points to 4.86%.On Wednesday, the US Treasury Department disclosed a plan to repurchase up to $6 billion in longer-term government bonds, triple the amount initially outlined to investors. Last month, the Treasury announced it was upsizing its liquidity support buyback operations for longer-dated securities by "at least double" to $4 billion per operation.West Texas Intermediate crude oil rose 1.5% to $97.52 a barrel, while Brent moved up 1% to $102.18.President Donald Trump warned Iran against activity at a suspected nuclear site on Pickaxe Mountain, CNBC reported. "We notice there's a little activity at Pickaxe," Trump reportedly said Wednesday. "I would advise Iran not to get cute because we will have to hit them very hard."Iran reportedly said Wednesday it attacked 10 ships near the Strait of Hormuz. The attacks followed American forces destroying five Iranian crude oil carriers in response to Tehran firing ballistic missiles at a US navy warship.Trump's top administration advisers have raised privately the prospect of the Iran war dragging on through the remainder of his term, The Wall Street Journal reported.Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am, followed by the existing home sales report for August at 10 am. The weekly EIA domestic petroleum inventories report is out at 12 pm.Shares of Apple (AAPL) gained 1.2% pre-bell as the technology giant unveiled its first foldable smartphone on Wednesday. Meta Platforms (META) added 1.3% after finishing the previous trading session up 6.6%.AeroVironment (AVAV) spiked 6.5% while American Eagle Outfitters (AEO) dropped 12% after reporting their latest financial results.Oracle (ORCL), Adobe (ADBE), Copart (CPRT) and RH (RH) are expected to release their quarterly earnings after the markets close. Macy's (M) posts its results before the bell.Gold nudged down 0.5% to $4,438 per troy ounce, while bitcoin dipped 0.6% to $77,915.

Dow JonesNasdaq CompositeS&P 500$AAPL$ADBE$AEO$AVAV$CPRT$M$META$ORCL$RH
Softline Retailers to Continue Reaping Gains From AI Boom, UBS Says
US Markets

Softline Retailers to Continue Reaping Gains From AI Boom, UBS Says

US softline retailers should continue to benefit from the ongoing artificial intelligence boom, though recent consumer spending trends could weigh on the sector's performance, UBS Securities said Monday.The massive AI infrastructure buildout, which has fueled a rally in the stock market and growth of the world's biggest economy this year, should also help boost consumer demand for softgoods, UBS analysts, including Jay Sole, said in a note to clients.At the same time, softline companies' AI adoption is driving sales growth and making them cost efficient, they said. "We believe we are more bullish than the consensus is in both areas," the analysts wrote.Hyperscalers such as Amazon.com (AMZN), Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOG, GOOGL) are spending enormous sums to expand their AI infrastructure footprints globally amid growing demand for AI and cloud services.UBS continues to project a low-double-digit percentage growth in earnings per share this year for the "median industry stock" and deems Wall Street's 2026 forecasts to be "generally too low."However, the brokerage remains cautious on the sector given what appears to be muted consumer spending."August survey data show the current US consumer spending environment is similar (month over month) and this dampens our enthusiasm for softline stocks," the analysts said. "We believe the market needs to see the industry's sales growth rate accelerate in order to catalyze near-term stock buying."Last week, a survey by the University of Michigan showed that US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future." A separate survey by the Conference Board showed that consumer confidence fell this month amid a decline in the expectations index, with a "more pessimistic" outlook for business conditions and the labor market ahead."August survey results show moderate divergence of spending behavior between lower income and higher income consumers," UBS said Monday. "While lower-income consumers still report relatively resilient softgood spending intentions, most measures of financial well-being, confidence, economic optimism, and quality of life are weaker (versus) middle- and higher-income households."Price: $28.72, Change: $-0.13, Percent Change: -0.45%

$AMZN$BIRK$COLM$DDS$GIL$GOOG$GOOGL$KSS$M$META$MSFT$ONON$PLCE$REAL$SFIX
Wire

Macy's Keeps Quarterly Dividend at $0.1915 a Share, Payable Oct. 1 to Holders of Record Sept. 15

Macy's Keeps Quarterly Dividend at $0.1915 a Share, Payable Oct. 1 to Holders of Record Sept. 15

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Wire

Macy's Poised to Deliver In-Line Q2 Results With Limited Market Impact, UBS Securities Says

Macy's (M) is expected to deliver Q2 results broadly in line with expectations, with limited impact on investor sentiment, UBS Securities said in a note Wednesday.The company is scheduled to report its Q2 earnings and sales results on Sept. 10.UBS analysts said they raised their Q2 earnings per share forecast by $0.04 to $0.36, which is in line with consensus, and expect Macy's to raise its full-year 2026 EPS guidance to a range of $2.10 to $2.30, bracketing the Street's $2.23 consensus, as well as issue Q3 comp sales growth and EPS guidance in line with expectations.Since the market appears to expect similar results, the investment firm said the report is not expected to significantly change sentiment or earnings estimates, leaving a balanced upside-downside outlook.The options market is pricing in an 8% move around the report, compared with a 7.7% historical average, while analysts expect the actual move to be smaller than 8%.Analysts said sentiment looks "bearish," with Macy's at 13.8% short interest, above its 5-year average and the Softlines industry average. The stock has also underperformed the S&P 500 by 960 basis points year to date, according to the note.UBS Securities raised its price target on Macy's to $10 from $9, with a sell rating.Price: $22.82, Change: $+0.23, Percent Change: +1.02%

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Kohl's Continues to Expect Subdued Full-Year Sales Amid Macro Pressures
US Markets

Kohl's Continues to Expect Subdued Full-Year Sales Amid Macro Pressures

Kohl's (KSS) continues to expect subdued sales this year amid a difficult operating environment, even though it raised earnings guidance due to tariff refunds.The department store chain expects fiscal 2026 net and comparable sales to be flat to down 1.5% year over year, improving the bottom end from its previous forecast that called for a 2% drop. Analysts expect a 0.3% drop in same store sales this year."We are operating in a challenging macroeconomic environment where our customers are experiencing persistent financial pressures from inflation in their everyday expenses like gas and food, while their day-to-day priorities may change," Chief Executive Michael Bender said during an earnings call, according to a FactSet transcript. "And as we look to the remainder of the year, we expect this economic backdrop to continue."Full-year adjusted earnings are now expected between $1.80 and $2.40 per share, up from the prior $1 to $1.60 range. Analysts polled by FactSet expect $1.45.The revised earnings guidance includes a tariff refund benefit of about $0.65, Chief Financial Officer Jill Timm told analysts. The company received about $150 million in tariff refunds in the second quarter, giving Kohl's "even greater financial flexibility," she said.Shares of the company were up 2.3% in Wednesday trade, and have fallen 11% this year.For the second quarter ended Aug. 1, Kohl's adjusted EPS rose to $1.28 from $0.56 in the prior-year period, compared with the $0.58 consensus view. Net sales declined 0.9% annually to $3.318 billion, missing the average analyst estimate of $3.323 billion. Comparable sales also declined 0.9%, compared with analysts' view of a 0.6% drop.Earlier in August, UBS Securities expected Kohl's to raise its full-year EPS guidance "slightly" due to strong second-quarter trends.Macy's (M) raised its full-year outlook in June as the department store operator's fiscal first-quarter earnings unexpectedly increased on an annual basis. Off-price retailer TJX (TJX) raised its fiscal 2027 earnings outlook last week and held its comparable sales growth forecast steady.Price: $18.02, Change: $+0.34, Percent Change: +1.89%

$KSS$M$TJX
Wire

UBS Adjusts Price Target on Macy's to $10 From $9, Keeps Sell Rating

Macy's (M) has an average rating of hold and mean price target of $23, according to analysts polled by FactSet.Price: $22.68, Change: $+0.09, Percent Change: +0.40%

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International

US Equity Indexes Fall, Crude Oil Rises as Stalled Peace Talks Push Out Hormuz Reopening Timeline

US equity indexes fell as higher crude oil helped push government bond yields higher after the stalled Iran peace talks extended the timeline for the reopening of the Strait of Hormuz.The Dow Jones Industrial Average dropped 1.2% to 50,687.07, with the Nasdaq Composite down 0.9% to 26,853.98 and the S&P 500 lower by 0.7% to 7,553.68. Technology, financials, and consumer discretionary led the decliners, while energy was the top gainer at the close.No progress has been made in peace negotiations, Al Jazeera cited Iran's Foreign Minister Abbas Araghchi as saying, referring to talks between Tehran and Washington. However, the contact with the United States has not been cut off, Araghchi reportedly said.The US and Iran exchanged heavy fire on Tuesday evening, setting off attacks by both sides that included strikes on US bases in Kuwait and Bahrain, The Wall Street Journal reported. A barrage of ballistic missiles and drones on Wednesday shut Kuwait's international airport. Iran's retaliatory strikes "should serve as a lesson" for the US, Al Jazeera cited the Revolutionary Guards.President Donald Trump said he was "a little bit perturbed" that Israel's fighting of Hezbollah in Lebanon was holding back peace talks with Iran, according to the Associated Press.Meanwhile, the House is preparing to vote on Wednesday on whether to halt the US military action against Iran as a handful of Republicans signaled they are ready to join Democrats to end the war, the Associated Press reported. House Speaker Mike Johnson shut down floor action two weeks ago when the war powers resolution was on the verge of approval, the news report said.Separately, US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, fell 8.0 million barrels in the week ended May 29 after a 3.3-million-barrel decline in the previous week, versus the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.Brent crude futures marched 1.8% higher to $97.76, and West Texas Intermediate crude oil futures added 2.5% to $96.09.Most US Treasury yields rose amid an escalation of the conflict in the Middle East, abetting inflation concerns. The 10-year jumped four basis points to 4.50%, and the two-year advanced 3.1 basis points to 4.08%.In precious metals, gold futures slid 1.3% to $4,461.80, and silver futures fell 3.4% to $72.99, reflecting the challenge that the Federal Reserve faces in tackling supply-side price pressures.In economic news, ADP's monthly measure of private payrolls showed a 122,000 increase in May from a revised 105,000 expansion in the previous month, above expectations for an increase of 120,000 in a Bloomberg-compiled survey.The Institute for Supply Management's US services index rose to 54.5 in May from 53.6 in April, compared with expectations for 53.8 in a survey compiled by Bloomberg. The S&P Global US services index was revised downward to 50.7 in May from the 50.9 flash reading, compared with expectations for an upward revision to 51.0 in a Bloomberg-compiled survey.The Organization for Economic Co-operation and Development continues to expect US economic growth at 2% this year, though it raised the estimate for next year to 1.8% from 1.7%.In company news, Macy's (M) raised its full-year outlook as fiscal Q1 earnings increased year over year and beat analysts' expectations.

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International

US Equity Indexes Drop, Crude Oil Jumps Following Tehran's Retaliatory Missile Strikes on Kuwait, Bahrain

US equity indexes declined while crude oil futures jumped as fresh fighting in the Middle East undermined the likelihood of a peace deal between Washington and Iran, implying the Strait of Hormuz will remain shut for the foreseeable future.The Nasdaq Composite dropped 0.9% to 26,863.1 in Wednesday's midday trading. The Dow Jones Industrial Average declined 0.8% to 50,877.8, and the S&P 500 fell 0.5% to 7,569.3.The US and Iran exchanged heavy fire on Tuesday evening after the US struck an empty oil tanker it said was attempting to breach its blockade, according to The Wall Street Journal. That set off a string of attacks by both sides, with Iran striking US bases in Kuwait and Bahrain, the WSJ reported.Kuwait came under a barrage of ballistic missiles and drones on Wednesday that shut its international airport, killed one person, and injured dozens more, the WSJ said. Iran's Revolutionary Guard said retaliatory strikes "should serve as a lesson" for the US, according to a report from Al Jazeera.President Donald Trump, in an interview released Wednesday, confirmed an earlier report that he criticized Israeli Prime Minister Benjamin Netanyahu as "crazy" in a Monday phone call, saying he was "a little bit perturbed" that Israel's fighting of Hezbollah in Lebanon was holding back peace talks with Iran, according to the Associated Press.US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, declined by 8.0 million barrels in the week ended May 29 after a 3.3-million-barrel decline in the previous week, a larger drop than the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.Brent crude futures marched 2.2% higher to $98.10, and West Texas Intermediate crude oil futures added 2.6% to $96.21.Most US Treasury yields rose amid an escalation of the conflict in the Middle East, abetting inflation concerns. The 10-year jumped four basis points to 4.5%, and the two-year advanced 3.5 basis points to 4.09%.In precious metals, gold futures dropped 1.1% to $4,472.9, and silver futures slumped 2.3% to $73.82, reflecting the challenge the Federal Reserve would face in tackling supply-side price pressures.In economic news, ADP's monthly measure of private payrolls showed a 122,000 increase in May from a revised 105,000 expansion in the previous month, above expectations for an increase of 120,000 in a Bloomberg-compiled survey.The Institute for Supply Management's US services index rose to 54.5 in May from 53.6 in April, compared with expectations for 53.8 in a survey compiled by Bloomberg. The S&P Global US services index was revised downward to 50.7 in May from the 50.9 flash reading, compared with expectations for an upward revision to 51.0 in a Bloomberg-compiled survey.The Organization for Economic Co-operation and Development lowered its global economic growth projection to 2.8% for 2026, down from 2.9% in March, cautioning that the fallout from the Middle East conflict may linger even after its resolution. The OECD, however, continues to expect US economic growth at 2% this year, though it raised the estimate for next year to 1.8% from 1.7%.In company news, Macy's (M) raised its full-year outlook as fiscal Q1 earnings unexpectedly increased year over year.

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Sectors

Sector Update: Consumer Stocks Mixed Wednesday Afternoon

Consumer stocks were mixed Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Ford Motor's (F) total US vehicle sales in May fell 13.6% to 190,828 from a year earlier, the automaker said. The stock fell 2.9%.Ulta Beauty's (ULTA) limited guidance flow-through from its $0.85 earnings per share beat, along with tougher Q2 to Q4 comparisons, raises questions about the extent of earnings delivery in H2, Morgan Stanley said. Ulta shares fell 4.5%.Macy's (M) raised its full-year outlook after the department store operator's fiscal Q1 earnings rose unexpectedly. The stock fell 0.6%.

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Wire

Sector Update: Consumer

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, Macy's (M) raised its full-year outlook on Wednesday as the department store operator's fiscal Q1 earnings unexpectedly increased on an annual basis. Its shares were still down 0.9%.

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