Macy’s shares fall 4% after weaker Q3 outlook
Macy’s fell about 4% after reporting second-quarter fiscal 2026 results that beat Wall Street estimates but guiding third-quarter adjusted loss wider than expected. Adjusted EPS was 40 cents, excluding a 23-cent tariff refund benefit, and sales rose 1.1% to $4.866 billion.
U.S. stocks were lower halfway through Thursday’s session, with the Dow Jones index off more than 300 points. The Dow was down 0.60% at 52,065.92, the Nasdaq fell 0.55% to 26,109.70 and the S&P 500 slipped 0.54% to 7,595.24. Consumer staples rose 0.6% on Thursday, while materials fell 1.6%.
Macy’s Inc. stock dropped about 4% after the retailer reported second-quarter fiscal 2026 results that beat Wall Street estimates but guided below expectations for the third quarter. Adjusted EPS was 40 cents, excluding a 23-cent net tariff refund benefit, versus the 37-cent consensus estimate. Sales increased 1.1% year over year to $4.866 billion, above the $4.826 billion estimate.
For the third quarter, Macy’s forecast an adjusted loss of 19 cents to 23 cents per share, compared with an expected loss of 6 cents. Revenue is projected at $4.65 billion to $4.70 billion, versus the $4.68 billion estimate. Tenon Medical shares surged 86% to $4.53 after the California-based medical device company said it had repaid Orchestra Biomed Holdings Inc (NASDAQ: OBIO) shares gained 9% to $5.92. BTIG analyst Marie Thibault raised the stock to Buy from Neutral and set a $10 price target.
AeroVironment, Inc. (NASDAQ: AVAV) rose 7% to $151.00 after upbeat quarterly earnings. Cooper Companies Inc (NASDAQ: COO) fell 15% to $53.71 after mixed third-quarter results and a cut to FY26 guidance below estimates. American Eagle Outfitters Inc (NYSE: AEO) slipped 13% to $14.70 after second-quarter results.
Navan Inc (NASDAQ: NAVN) dropped 20% to $20.63 after upbeat second-quarter fiscal 2027 results, a higher full-year outlook and the acquisition of BoomPop. Oil traded 6% higher at $101.83, while gold fell 1.3% to $4,403.60. Silver declined 5.7% to $64.73 and copper lost 5.1% to $6.5375. European shares were lower.
The STOXX 600 fell 0.57%, Spain’s IBEX 35 Index lost 0.01%, and London’s FTSE 100 slipped 0.41%. DAX fell 0.59% and France’s CAC 40 lost 0.4%. Asian markets finished mixed on Thursday. Japan’s Nikkei 225 rose 0.20%, Hong Kong’s Hang Seng fell 1.27%, China’s Shanghai Composite dropped 0.43% and India’s BSE Sensex gained 0.19%.
U.S. producer prices increased 5.4% year-over-year in August, above the 5.3% economists expected and up from 4.8% in July, according to Labor Department data released Thursday. U.S. initial jobless claims decreased by 1,000 to 206,000 in the first week of September, versus estimates for 205,000.
U.S. wholesale inventories rose 1.3% month-over-month to $958.9 billion in July, after a revised 0.4% increase in June. U.S. existing home sales fell 2.0% from the previous month to an annualized rate of 3.98 million units in August.
U.S. natural-gas stocks rose 40 billion cubic feet in the week ending Sept. 4, compared with expectations for a 31-bcf build.