Macy’s Slumps on Surprise Sales Decline and 2 More Heavily Traded Stocks to Follow
Macy’s Inc. (NYSE:M): Closing price $46.33
The department store chain on Wednesday posted an unexpected slump in sales. Shares closed down around 4.5 percent, having fallen during the afternoon and leading other retail stocks lower. Macy’s said that comparable sales and overall sales slid by 0.8 percent in the second quarter against consensus of a rise of 2.3 percent. The company also lowered its full-year profit targets, saying the “continuing uncertainty” shoppers have about spending on nonessential items in a tough economy is pressing on results.
Groupon Inc. (NASDAQ:GRPN): Closing price $10.21
Groupon announced the addition of credit card terminals to its existing payments suite for local businesses. With this move, Groupon extends its popular payments service to the most common manner in which local businesses accept credit cards, and makes an affordable and sophisticated payments solution available to almost all merchants. Local businesses now have three options to implement Groupon’s payments service on a credit card terminal: purchase a Verifone vx520 from Groupon for $150 with no monthly contract or fees; configure a current Verifone or Ingenico device; or rent a Verifone vx520 to own for $15 per month for 12 months.
Petroleo Brasileiro – Petrobras (NYSE:PBR): Current price $13.96
Petrobras expects to finalize its $9 billion, five-year asset sale plan by the end of this year to stem its increasing debt financing. The state-controlled company has completed sales of $1.8 billion thus far in 2013, including the sale of one half of its African assets in the second quarter. The asset sale has contributed to the reported year-over-year increase in net income for the quarter, as it added $1.9 billion to operating income and $3.4 billion to cash.
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