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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.

Dow JonesNasdaq CompositeS&P 500$M
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.

Dow JonesNasdaq CompositeS&P 500$M
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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Sectors

Sector Update: Consumer Stocks Decline Pre-Bell Wednesday

Consumer stocks were declining pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.2% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.7%.US Foods (USFD) said it increased the overall commitments under its asset-based lending agreement to $2.5 billion from $2.3 billion. Shares of US Foods were down 1.9% premarket.Ollie's Bargain Outlet (OLLI) stock was down more than 4% after the company reported higher fiscal Q1 net sales that missed analysts' expectations.Macy's (M) shares were up nearly 1% after the company posted higher fiscal Q1 adjusted earnings and revenue, and lifted its fiscal 2026 guidance.

$M$OLLI$USFD$XLP$XLY
Macy's Raises Full-Year Outlook as First-Quarter Earnings Unexpectedly Rise
US Markets

Macy's Raises Full-Year Outlook as First-Quarter Earnings Unexpectedly Rise

Macy's (M) raised its full-year outlook on Wednesday as the department store operator's fiscal first-quarter earnings unexpectedly increased on an annual basis.The company now anticipates adjusted earnings to come in between $2 and $2.20 a share for fiscal 2026, up from its previous guidance of $1.90 to $2.10. The current consensus on FactSet is for non-GAAP EPS of $2.09. Shares of the company gained 3% in the most recent premarket activity.Sales are pegged at $21.5 billion to $21.75 billion for the ongoing fiscal year, up from the prior forecast of $21.4 billion to $21.65 billion. The Street is looking for $21.59 billion. Comparable owned-plus-licensed-plus-marketplace sales are projected to increase by 0.5% to 1.2%, compared with the previous outlook for a decline of 0.5% to growth of 0.5%.Macy's said its guidance continues to reflect prudence and recognition that macro and geopolitical factors could weigh on discretionary spending. The outlook still assumes that tariffs will have a larger impact in the first half versus the second, and doesn't include potential receipts from tariff refunds.In February, the US Supreme Court invalidated President Donald Trump's reciprocal tariffs enacted under the International Emergency Economic Powers Act.Last month, department store chain Kohl's (KSS) reiterated its full-year outlook, while retailer Target (TGT) lifted its sales growth guidance for fiscal 2026.For the three-month period ended May 2, Macy's adjusted EPS increased to $0.13 from $0.11 the year before, defying the average analyst estimate on FactSet for a decrease to $0.03. Sales, inclusive of store closures, inclined to $4.68 billion from $4.6 billion, ahead of the Street's view for $4.61 billion."We're off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our bold new chapter strategy continues to build momentum," Chief Executive Tony Spring said in a statement. "We're confident in our path to sustainable, profitable growth."Comparable sales moved up 3% year over year in the first quarter. By brand, Macy's comparable sales advanced 1.6% while Bloomingdale's climbed 10%. Bluemercury comparable sales moved 6.4% higher.

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Research

Research Alert: Macy's Q1 Fy 27 Beats Estimates With Growth Across Brands

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:M reported adjusted Q1 FY 27 (Jan.) EPS of $0.13 vs. $0.16 prior year, $0.10 above consensus estimates, on net sales of $4.682B (+1.8% Y/Y) and $70M above estimates. Comparable sales growth of 3.0% marked the strongest Q1 performance in four years and the fourth consecutive quarter of gains. The quarter showed broad-based strength with Bloomingdale's leading at 10.2% comparable sales growth, Macy's nameplate delivering 1.6% growth, and Bluemercury contributing 6.4% growth. Management raised full-year guidance with net sales of $21.5B-$21.75B, comparable sales of +0.5% to +1.2%, and adjusted EPS of $2.00-$2.20. The company returned $100M to shareholders while maintaining $1.3B in cash and a strong balance sheet position. Shares trade around 10x full-year EPS guidance, well above its three- and five-year forward P/E multiples of 7.0x and 6.5x, respectively. In our opinion, this was a typical quarter where sales growth didn't lead to margin expansion, and we do not see a big margin expansion story ahead.

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Stocks Mostly Down Pre-Bell as Traders Assess Latest Middle East Developments
US Markets

Stocks Mostly Down Pre-Bell as Traders Assess Latest Middle East Developments

The main US stock measures were mostly trending lower in Wednesday's premarket activity as traders assess the latest developments in the Middle East.The S&P 500 edged down 0.1% and the Dow Jones Industrial Average declined 0.4%, while the Nasdaq gained 0.2% before the opening bell. All three indexes recorded new closing highs on Tuesday.President Donald Trump said in a podcast interview that Iran has agreed not to have nuclear weapons, several media outlets reported Wednesday. In a social media post on Tuesday, Trump said negotiations between the US and Iran were "going on continuously."Earlier in the week, Iranian state-affiliated outlet Tasnim reported that the country suspended talks with the US in retaliation to Israel's military action in Lebanon.The US Central Command said Tuesday that its forces "successfully defeated" multiple Iranian ballistic missiles and drones and launched defensive strikes following "attempted attacks" by Tehran across the Middle East.Iran reportedly launched a wave of missile and drone attacks toward Kuwait and Bahrain in a major escalation of regional tensions. Kuwait said a number of "hostile drones" targeted its airport, causing significant material damage and injuring several people.West Texas Intermediate crude oil increased 2.6% to $96.17 a barrel in premarket action, while Brent advanced 2.5% to $98.42."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," Saxo Bank said in a Tuesday report. "Global energy markets continue to tighten, with the main focus remaining on the Strait of Hormuz, a vital shipping artery that remains effectively shut, sustaining concerns about supply disruptions and elevated energy prices."Treasury yields were up before the open, with the two-year rate rising 2.9 basis points to 4.08% and the 10-year rate adding 3 basis points to 4.49%.The Organization for Economic Cooperation and Development on Wednesday cut its global growth outlook for 2026, warning that a prolonged war between the US and Iran could have "longer-lasting negative consequences."The ADP Employment report for May is out at 8:15 am ET. On Tuesday, official data showed that US job openings hit their highest level in almost two years in April, while hiring and layoffs fell.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am. The purchasing managers' index composite final report from S&P Global (SPGI) for May posts at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.The weekly EIA domestic petroleum inventories report is due at 10:30 am. The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is out at 2 pm.Fed Governor Michael Barr is scheduled to speak at 9 am, while Dallas Fed President Lorie Logan speaks at 4 pm.The Fed may need to raise interest rates should inflationary pressures persist, Cleveland Fed President Beth Hammack said Tuesday. "If we wait for definitive evidence that high inflation has become embedded in the economy, it may require larger policy adjustments, at greater cost," Hammack said in prepared remarks for an event in Ohio.Shares of Palo Alto Networks (PANW) declined 3.7% pre-bell following the company's latest quarterly results. Marvell Technology (MRVL) climbed 14% after Nvidia (NVDA) Chief Executive Jensen Huang reportedly said the company could be the next chip manufacturer to join the trillion-dollar club.Broadcom (AVGO), CrowdStrike (CRWD), Veeva Systems (VEEV) and Five Below (FIVE) are expected to release their latest earnings after the markets close. Medtronic (MDT), Macy's (M), Ollie's Bargain Outlet (OLLI) and Thor Industries (THO) post their financial results before the bell, among others.Gold slipped 0.7% to $4,488 per troy ounce, while bitcoin inched 0.3% higher to $67,127.

Dow JonesNasdaq CompositeS&P 500$AVGO$CRWD$FIVE$M$MDT$MRVL$OLLI$PANW$THO$VEEV
Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says
US Markets

Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says

US softline retailers are expected to take advantage of an ongoing data center construction boom, with Abercrombie & Fitch (ANF), Urban Outfitters (URBN), and Macy's (M) among those likely to see "outsized" benefits, UBS Securities said in a note e-mailed Monday.US commercial data center capacity has increased at a nearly 30% to 40% annual pace over the last two years, with installed capacity seen rising 20% to 30% annually in the near term, the brokerage said, citing industry experts.The data center construction boom is expected to lift the economy and boost the consumer spending backdrop for apparel and footwear in the concerned regions. However, the data center buildout is not expected to be distributed evenly across the country, UBS analysts Jay Sole and Mauricio Serna said in the note to clients."We believe retailers with a high percentage of stores located in areas with strong data center growth will benefit more than retailers with less exposure to these areas will," the analysts wrote.Abercrombie & Fitch, Urban Outfitters, Macy's, and Steven Madden (SHOO) are among the retailers poised to see "outsized" benefits, Sole and Serna said. On the other hand, Kohl's (KSS), Bath & Body Works (BBWI), Buckle (BKE), Boot Barn (BOOT), and American Eagle Outfitters (AEO) have "the most relevant low exposure," the duo wrote.Among off-price retailers, Ross Stores (ROST) has the "most relevant high exposure," while TJX (TJX) is on the other side of the spectrum, according to the note."While some regions have embraced data centers, other localities have not," UBS said. "Some municipalities reject data center proposals because the long-term local economic payoff is perceived as limited. They also have concerns about resource and infrastructure strain."The brokerage expects all softline stocks to benefit from their use of AI, as well as the technology's impact on the overall economy."Softline companies are taking AI very seriously and AI is likely already having a positive impact on the industry's financial performance," Sole and Serna said. "We believe the meaningful returns companies are already and will continue to achieve on their AI investments will drive upside (earnings-per-share) surprises."Price: $75.30, Change: $-1.92, Percent Change: -2.49%

$AEO$ANF$BBWI$BKE$BOOT$KSS$M$ROST$SHOO$TJX$URBN
Sectors

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) adding 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) easing 0.1%.In corporate news, Lululemon Athletica (LULU) sent a letter to shareholders on Monday saying that activist and founder Chip Wilson has "outdated perspectives" and "troubling conflicts of interest," which will derail the company's turnaround plan, CNBC reported. Lululemon shares increased 0.6%.Home Depot (HD) and Lowe's (LOW) are likely to lower their full-year guidance as the home improvement retailers face pressure from weak consumer sentiment, Oppenheimer said in a report. Home Depot shares were up 0.3%, and Lowe's was flat.Macy's (M) shares added 0.5% after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing nearly 1.1% of the retailer.

$HD$LOW$LULU$M
Sectors

Sector Update: Consumer Stocks Mixed Premarket Monday

Consumer stocks were mixed premarket Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.2% lower.Macy's (M) shares were up more than 3% after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.Starbucks (SBUX) said it has raised the cap on the maximum amount it will repurchase after investors tendered about $2.6 billion of notes by the early deadline, exceeding its original repurchase capacity. Starbucks stock was 0.2% lower pre-bell.Lululemon Athletica (LULU) sent a letter to shareholders on Monday saying that activist and founder Chip Wilson has "outdated perspectives" and "troubling conflicts of interest," which will derail the company's turnaround plan, CNBC reported, citing materials it reviewed. Lululemon Athletica shares were 0.5% higher premarket.

$BRK.A$BRK.B$LULU$M$SBUX$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were mixed premarket Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.Macy's (M) shares were up more than 3% after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.

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Wire

Macy's Shares Soar Over 5% After Berkshire Hathaway Discloses Stake

Macy's (M) shares rose more than 5% in premarket trading on Monday after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.The investment marks Berkshire's first public department store bet since Warren Buffett and Charlie Munger acquired Baltimore-based Hochschild Kohn in 1966.The move comes as Macy's pushes ahead with its "Bold New Chapter" turnaround plan, which includes closing around 150 underperforming stores by 2028 while focusing on higher-performing locations.

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Wire

Macy's Keeps Quarterly Dividend at $0.1915 a Share, Payable July 1 to Holders of Record June 15

Macy's Keeps Quarterly Dividend at $0.1915 a Share, Payable July 1 to Holders of Record June 15

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