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Home>Macy's, J.C. Penney shares sink after news of faltering Nordstrom deal talks

Macy's, J.C. Penney shares sink after news of faltering Nordstrom deal talks

Macy's, J.C. Penney shares sink after news of faltering Nordstrom deal talks

10/02/2017

Shares of Macy's Inc. (M) and J.C. Penney Co. Inc. (JCP) have sunk in Monday trading after a New York Post report (http://www.marketwatch.com/story/talks-to-take-nordstrom-private-are-faltering-sources-2017-10-02) that talks to take fellow department store retailer Nordstrom Inc. (JWN) private have faltered. Macy's stock is down 6% in Monday trading, and J.C. Penney is down nearly 8% so far. Kohl's Inc. (KSS) has also dipped 3.7%. Nordstrom shares are down 7.4% after the report. Analysts at Cowen & Co. released retail traffic numbers for the fifth week of September, showing an 8.1% year-over-year decline, with apparel down 8.2%, and electronics down 30.2% year-over-year. Macy's shares have dropped 42.7% for the year so far, J.C. Penney shares are down nearly 58%, and Nordstrom shares are down nearly 9% for the period. The SPDR S&P Retail ETF (XRT) is down 5.6% for 2017 to date while the S&P 500 index is up almost 13% for the period and the Dow Jones Industrial Averge is up 13.4%.

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

10-02-17 1320ET

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