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Perhaps Wall Street missed the memo "Sell the news." Macy's (NYSE: M), the largest department store company in the country, beat analyst estimates by roughly 5.2% with a fourth quarter adjusted profit of $1.06 per share. Punters sent shares up smartly on the news, over 4%. Continue reading Macy's: Uptrend is at odds with consumer confidence numbers
The recent store changes have not worked, and neither will the financial engineering. This company is on its way down, and a visit to a local store showed me why.
Sears used to be the General Motors (NYSE: GM) of retailers -- an apt analogy when both were all-American giants, and just as apt today as both struggle. Sears had completely lost its way when vulture investor, Eddie Lampert, bought the company in late 2004 and combined it with Kmart. Wall Street analysts went nuts, pushing the stock price to $192 a share.
Today, Wall Street has lowered that price to near $40.
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