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