When stocks sell-off during the greatest bull market, be wary of buying them at a discount.
Consumers are aware that the department store market is on a permanent decline. People are spending less at physical stores, so they avoid driving to malls. Online retailers like Amazon (AMZN) are thriving.
This pushes Macy’s (M) out of the market. The company posted revenue of $4.94 billion (-3.7% Y/Y). For 2024, Macy’s expects net sales of $22.1 billion to $22.4 billion. In May, the firm had guided net sales of up to $22.9 billion.
Shareholders will regret it when Macy’s terminated discussions with Arkhouse to buy the firm for $6.9 billion. Macy’s closed with a market cap of $4.27 billion.
Credit card firm American Express (AXP) potentially triple-peaked at $255.00. Bank of America cut its rating on AXP stock to neutral. It cited weak billings volume growth compared to its stock premium as a reason for the downgrade.
Pagseguro (PAGS) is at risk of continuing its drop from Wednesday. PAGS stock lost 14.53% to close at $12.47. Revenue grew by 19.1% Y/Y to R$4.56 billion. The Brazilian financial services firm may fall to $11.11 before bouncing back.
Investors considering related investments may look at DLocal (DLO) and StoneCo (STNE).
