Department Store Stocks Tank Midday; Tariff Joy Short-Lived By Investing.com

© Reuters.

Investing.com – Maybe it will be coal in stockings this Christmas after all.

Department-store stocks plunged Wednesday following weak results and guidance from Macy’s (NYSE:). The sharp selling came just a day after the Trump Administration’s delay of new tariffs on China, in part to safeguard holiday sales, lifted retailers.

Shares of Macy’s (NYSE:) fell more than 15% in midday trading, to levels not seen since 2009.

Nordstrom (NYSE:) fell about 11% and Kohl’s (NYSE:) also sank about 11%.

Macy’s reported a fiscal second-quarter of 28 cents per shares, way off the 46 cents per share expected according to analysts’ forecasts compiled by Investing.com.

Looking ahead, Macy’s said it now predicts a full-year profit of $2.85 to $3.05 per share, down from previous guidance of $3.05 to $3.25 per share.

The company also said its profit guidance does not take into account the impact of the next expected batch of tariffs on Chinese goods delayed until Dec. 1.

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