Department store stocks fall amid rising oil prices and worries about consumer spending [CNBC]
Macy's Inc (M)
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Source: CNBC
Department store stocks fall amid rising oil prices and worries about consumer spending Shares of major department store companies slid Tuesday amid concerns about weak consumer spending. Nordstrom Dillard's Macy's Kohl's But the stocks have also seen big run-ups recently. Nordstrom is up 27% in a month, and Kohl's has gained about 12%. Macy's has risen 9% so far in September. Investors might also be wary that gasoline prices will continue to increase after the attack on Saudi Arabia oil installations, and are looking to take back profits by selling shares ahead of that. A Tuesday note from Cleveland Research also said that Nordstrom's third quarter to-date sales are "trending below consensus expectations and slightly better compared to last quarter." Net sales for the third quarter would fall 3.5% compared with the consensus of 1.0%, analyst Rusty Wilson modeled. He also expects 2019 sales will be down 2.6%, which is a bigger drop than the consensus estimate of a 1.9% decline and the
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