Macy’s Stock Slides as Company Delays Earnings Report
19 minutes ago
Macy’s (M) shares fell Monday morning after the retailer said its official third-quarter results would be delayed so that an independent investigation into an accounting issue can be completed.
The company said that it discovered that an employee had made “erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses” from the fourth quarter of fiscal 2021 through the third quarter of 2024.
Macy’s said it found the issue with delivery expenses while preparing the earnings report, which was originally set to be released Tuesday. It said the employee responsible for the seemingly intentional error is no longer with Macy’s.
Macy’s did, however, release preliminary results for the third quarter on Monday. It said revenue declined just over 2% year-over-year to $4.74 billion, below the $4.88 billion analysts had expected, according to estimates compiled by Visible Alpha.
TradingView
Macy’s shares were down about 4.5% in recent trading and is now down about 23% since the start of 2024.
Bitcoin Levels to Watch as $100K Remains in Sight
1 hr 52 min ago
Bitcoin (BTCUSD) has given up some ground this morning but still sits on the precipice of surpassing the $100,000 mark for the first time.
The cryptocurrency was at $97,500 in recent trading, after hitting a high around $99,800 on Friday afternoon.
Since Donald Trump’s decisive election victory on Nov. 5, Bitcoin has surged around 40% amid expectations of a crypto-friendly administration and Congress.
The cryptocurrency’s price has recently broken out from a pennant pattern, signaling a continuation of its strong bullish move.
A bars pattern, which takes the trending price bars that preceded the pennant and repositions them from the pattern’s top trendline, projects a price target of around $118,000. Investors should watch important support levels on Bitcoin’s chart around $93,000 and $70,000.
Read the full technical analysis here.
Futures Point to Higher Open for Major indexes
2 hr 25 min ago
Futures tied to the Dow Jones Industrial Average were up 0.7%.
tradingview
S&P 500 futures were up 0.5%.
TradingView
Nasdaq 100 futures were also up 0.5%.
TradingView