macy's, i -- i felt like i do more shopping in macy's. i look at their stores all the time.nd they just don't look good. >> any conversation about macy's does take us into that broader conversation about malls and mall traffic. something we have talked about many times. i do want to add though, guys, when you talk to the larger mall operators, ones on a simon property group, or even general growth, they say traffic is really not down. but what they say seemingly is that people are pre -- are finding what they want on their phones, still going to get it at the mall. but they're not walking around. they're sort of going and leaving. but that the actual traffic is not down. >> very focused about whether they go. >> yes. >> that's true. >> if you can measure people's steps that would be down a lot. >> they go to get -- cbre was on last night. they own 10% of the businesses retail. if you're experienceal, if there's something exciting to do at the mall, you'll stay. macy's is one of the least exciting things i do. i force myself to go in because of this job. okay? literally. i me

macy's down 16%, the worst single day for macy's going back to 2008.ding at its lowest since august of 2011. the company reported same-store sales were worse than estimates. we have been talking about the face of retail. ,ordstrom's reported numbers and kohl's were lower than estimates. anything having to do with retail is lower today. the dow has come back the most from its lows of the session. we have some out performers within the dow, including caterpillar. bank of america raising the stock to a buy. merck getting a boost after one of its drugs was added -- got approval to be added for diagnosedfor newly lung tumors. exxon mobil raising, along with the price of oil. if you look at what has happened this year, you have had a switch. the s&p 500 growth index is an white. the s&p is the basement in yellow. the s&p value index is in blue. a lot of this has to do with technology in the app performance that group. julia: thanks. scarlet: let's get to one of the most widely read stories on the bloomberg u.s. prosecutors investigating one of wall street 's

it looks like the magic is gone at macy's. the country's largest department store saw sales fall sharply in the first quarter and its profits fall even more. as we told you yesterday, the retailer has been struggling for quite some time with declining mall traffic, increased online competition, and a race to the bottom discounts. investors did not like what they saw, sending shares tumbling to a nearly six-year low. this was the first earnings report for macy's new ceo. as courtney reagan reports, he has an even tougher job ahead of him than many thought. >> reporter: there are no signs of a turnaround in macy's quarter. sales have fallen for a ninth straight quarter. executives said there were no surprises in the quarter, although that's not the case for investors. even low expectations weren't low enough. still, the department store is reiterating its full year forecast, leaving ground to make up for the rest of the year. most analysts say macy's woes are not a read-through on the consumer. u.s. consumers are quite healthy.

that's about a five-year low for macy's.o, not nearly as bad, but down 8%, and in ordnordstro down 7.5%, but results from nordstrom are not even out yet, due any moment now. interesting read on the consumer, state of department stores, so much more coming up. joining me for all of that is senior market commentator, and with us to kick it off, tiaa investments, and kevin o'leery. it's been awhile. did great to be here. >> i think you are not a snapchat guy. >> absolutely. when i saw that down 20%, i went on snapchat and learned to use it. snapping like a bangi all day long. >> shares down 20% and thought i have to use it, didn't think i have to buy it? >> no, i did not buy it. i'm like everybody else. perplexed and amazed what happened there. that's -- the ratio of that many bidding of market cap instun ne great lesson. snap a platform or teach? >> right. >> that's what mike said, is it gopro, a one-trick pony or a twitter or facebook where there's longer term platform. >> has to prove itself. last night we talked, kelly, the

the likes of macy' underperforming. retail etf down over 2.5%.ll in all this week, we have the nasdaq in positive territory. the s&p just lower. the dow almost down by 0.5%. but certainly not severe declines. apple the best dow performer up 3%. intel the worst, down 3%. tech overall the best sector, up a percent. materials down about 1%. the ten-year treasury note, because we started -- or we closed last friday at 2.35%. we spent a lot of this week above 2.4. as you can see, we're just below it again. as rick santelli says, the close is at the end of the day, the close at the end of each week matters. even though yields have ticked up, they haven't ticked up much. and the gains have not been locked in. >> if we switch the focus to asia, stocks generally lower following the weak session in the united states. japan closing below 20,000 at 19,883. down about 0.4%. we did see a stronger yen which hurt some of its bigger exporters, like sony and toshiba. hang seng in hang sshanghai clo higher, up 0. 1%. germany showing they're outperforming growth tha

i think the macy's people are already starting to do some things. i think nordstroms is doing some things. it doesn't always happen the minute they say. again, they haven't always been the right price, people shop on amazon and compete with a better price. so i think that's what. they have to differentiate the services that are not available through amazon. they have to have more developed, well designed private labels. there's many things i think they can do. i think that they have focused almost exclusively is on how to give people a seam. sale is not the reason you develop long-term customers. that's been their over focus. they have too many stores, that's for sure. they are doing something for that as well. >> always great to see you, thank you for your time. former j.c. penny ceo. the mofrls across the board, those stocks are trading like shale plays. >> it looks like they all go out of business. when we look back on best buy. we to the they were going out of business. they have turned themselves around. it was aided with circumstance city clos

fallingf macy's are after a dismal quarter. missing posting a decline, dragging other department stores and stocks today. julie hyman is here with the latest. a lot of halo activity going on. it has bounced a little bit off the lows but still -- considering stocks are only down a half of 1%. that shows the how really we have seen big swings in the s&p 500. it is a pretty broad one as well. keeps flirting with gains as oil prices are on the rise, but currently it is a little on the red. macy's and it's the climb and it is having a .ipple effect big department stores sell a lot of other products. companies like ralph lauren and michael cores are the companies that manufacture the apparel and accessories in the been macy's and other department stores. in terms of other assorted movers, wells fargo is trading lower. it also announced $4 billion in cost cuts. partners has been pushing for a shakeup. it is taking a wait-and-see approach and finally, textron is tweetson unconfirmed expected -- speculating about a takeover. finally, oi

as the tricks change once again, case in point, macy's. this morning, macy's poinltsd to truly hideous earnings missing everything from the stores to the sales and what went wrong? you know what? i don't need to put any spin on interest. i will let jeffrey jeanette the new ceo tell you from his conference call. these are unusual challenging times for retail especially mall-based department stores and we know these changes are secular and not cyclical meaning these shifts in human behavior aren't going to change with the times or economy. then gennette says, we see continuous shifts in shopping trends driven by the rapid adoption of technology and for some of our customer segments greater emphasis on value and experience. we talk about that a lot on our show. he continues as for the retail industry overall we've known for some time the united states is overretailed compared to other markets so it's not surprising to see the contraction in retail square footage and take some time to tell how the consolidation and closure of some brands impac

shares of macy's down by about 4%. how the retails are have been faring, particularly retailers like macy's where you've seen department stores that have seen massive pressure coming from on. macy's itself has a very strong online presence but again, amazon has made massive inroads into all of those stores. >> and macy's saying we remain on track, it's important to meet our 2017 guidance. he says we are encouraged by the performance of the pilot programs we tested last year in categories like women's shoes, fine jewelryon and mattresses. they will have a measurable impact on our performance in the second quarter buildings through the fall. he said a digital platform showed continued strong growth in the first quarter. >> they have an adjusted earnings that i'll dig into to see if it's an apples-to-apples comparison. >> bank of england holding interest rates steady at 0.25% as expected. policy makers say they may need to raise rates before late 2019. that's because of the inflation rising. the pound has slipped signific

>> i don't think it's over for macy's or nordstrom's. i think these stores have tremendous head winds, still, you mentioned to start the show, home depot, dan has been all over wal-mart for quite some time. these stocks still make sense, people will knock home depot on valuation. maybe 20 times forward earnings, it's getting a little expensive kward to lowes at 16. the world continues to set up well for home depot. they continue to look, few want to play retail, mastercard, vis a sa and the resurgence of american express. >> is the consumer okay though, interest rates are relatively low. could it be we threw out the whole basket of retail stocks because we we heard a couple bad data points? >> it could, i don't think the national night ma iris over yet but we have a lot coming up this week. we have macy's and nordstrom's and j.c. penney and a couple others. i think that for some of them, we're still going to see some head winds there. there is some unique head winds to macy's, because, for example, tourism is down in new york. that's sti

is macy's a fame you want to own? >> no. >> it's interesting to me. >> you on macy's now in. >> i don't own it now. i have had macy's for a long time. i lost a fair amount of money a couple months ago, i don't know, the balance sheet is not in great shape. there is nothing imminent. i like that. >> the assets. they have asset value. they do. they are trying to monetize it. just the model, it's so difficult right now. it's just for me psychologically, i've lost enough money. in that name. >> trashy, big cap names have pushed the s&p to record highs. so now what? well, steve grasso will head over to the plaza. >> we talk about this 2400 level on the s&p cash the more time you ping at a resistance level the weaker it gets or the stronger it gets. it locks like it's weakened up here. if you look, this is the level we have been banging off against. we break out, we come down to this low. you need a high and you need a low to sort of trade off of those retracement levels. in this one, you don't have, we're in uncharted terr

we were surprised to see macy's down 17%. there is no buyer on the other side right now.ll their money for active management has to be on businesses that people think will be around in five years and, obviously, right now, seeing these kind of traffic declines, brick and mortar declines, investors are very skeptical that there will be any kind of good news in specialty soft lines right now. >> good discussion. thank you, guy. >> yep. >>> get a quick check on the markets. dow managing to trim its losses down to 11. we'll keep our eye on that and on the ten-year. rick santelli, what are you watching? >> you know, i'm watching the markets in general. even though rates are down today and the stock market isn't necessarily on, it's not far way. yields are still much higher than they were right around and under 180 before the election. yet, boy, it seems like there's an awful lot of bad news out there. why aren't the markets listening? we'll talk about that after the break. ahh. where are mom and dad? 'saved money on motorcycle insurance with geico! goin' up the country. love m

macy's and j.c.nd sears are closing their stores, shrinking their fleet in order to capture possibilities. see if it works. >> thank you, courtney reagan. with all eyes on retail, could next week's earnings be a make or break space? what are you looking for? >> it will be clearly expectations are lows, very low. for me, coor's has been a very difficult one this year. they are a year maybe behind coach. >> that is a great example for them to fall as they could. turn around north american same store sales, that would be huge. they don't report for another two weeks. macy's, i gave up on it. it means it's probably great to own right here. but i feel like they haven't solved the problem yet. >> right. >> and i don't think for them, they're talking about real estate, monetizing real estate, i don't think that will happen in the very short term. i don't expect anything in terms of management change. i think that will be fun, a good executive there. maybe nordstrom's the best of the bunch. >> it could be se

available now, at macy's. >>> walt disney's vision of the hand drawn theme park will be up for bid inrnia. disney and friends drew it in 1953 as they rushed to get funding to build disneyland. >>> well, the mormon church moves away from the boy scouts and the new push to prosecute for the deadly amtrak crash. those are some of the headlines on the morning newsstand. >>> the cincinnati inquirer reports that security of a boy being attacked in a school bathroom will be made public. the 8-year-old hanged himself just two days after the attack last january. the family claims the school staffer reacted too slowly. >> if the school had told mom that your son was assaulted, your son had lost consciousness for over seven minutes, she would have immediately had him taken to the hospital and had him examined. >> school officials said the mother was advised to hospitalize the boy. the coroner is reopening the investigation of his death. >>> "the philadelphia inquirer" says a judge wants criminal charges filed against the engineer in the 2015 amtrak derailment. the city's district attorney had de

look at macy's.at that, look at big percentage losses on biggest names in retail. liz: getting hammered. stuart: getting hammered. that may have something to do with the overall drop in the market because they're not just selling stuff like they used to. down they go. what do we have on this, anything more? macy's for example, that is the big loser here. ashley: seven-year low. same-store sales numbers down 5%. this is ongoing problem. kohl's showing sales declines five quarters in a row. they're desperately, macy's for all intents and purposes has a pretty good online presence, but knocked aside by the tidal wave called amazon. very difficult for the retail stores to compete. liz: bringing others down in tandem, in sympathy. stuart: on capitol hill at the moment we have senator warner asking questions of acting, i'm sorry, he is giving his opening statement before he starts to ask questions to acting fbi director mccabe. he has so far said it is hard to believe that the firing of director comey was

if they don't do well, macy's can't perform well.ia: they had the discount part of the deal. >> they do. maria: that didn't work obviously. >> the discount assortment compare today t.j. maxx is lacking. >> we see wal-mart trying to raise online game. do you see any of the traditional bricks and mortar retailers who are crashing it online or are they still trying to figure it out. >> i think wal-mart since you mentioned would be the most successful of any of them and they've improved the online experience since they took it over. we have seen that. so that's exciting, plus they are doing some other things outside of the norm in order to improve business and expand their business. maria: any retail stocks that you like? >> i like coach still and -- kevin: coach purchasing kate spade. >> it sends a message to the future. they will own the business, price points and capitalize on that and really be a brand again as opposed to being a brand and a department store and discounters. i think that they've done the right thing. maria: would you

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macy's and kohl's dropping on the back of their earnings. macy's tanking double digits. what's wrong with retail right now? we will dive in for a closer look next. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. whyour boss?ork for? yourself? your family? our financial advisors are free to realize a plan to fit your family's unique needs. we'll listen. we'll talk. we'll plan. baird. >>> i was going to fire comey. my decision. >> you made the decision before they came in the room. >> i was going to fire comey. there's no good time to do it, by the way. they -- >> because in your letter you say i accepted their recommendation. so you had already made the decision. >> i was going to fire. he made a recommendation. he's highly respected. very good guy. very smart guy. the democrats like him. the republicans like him. he made a recommendation. but regardless of recommendation, i was going to fire comey. >> that was president trump speaking with nbc news lester holt earlier about his decision to fire james

this time it is macy's.lling in the premarket after earnings came out, falling short of expectations on earnings, revenues, and same-store sales. now is our expert in retail. welcome to the program. this was not a good report. >> even worse, if lowered expectations. the same time they set for the year, we think we will hold up. how do you square of those two things? they were all significantly on eps. >> the first quarter is often the worst for retailers. you don't have the holidays, easter messes things up, maybe they still have some plan for the rest of the year, but it is puzzling. digital.mber one, we have been hearing that it will all be digital. how much progress are they making? >> slow and steady. macy's came out ahead of everybody else with digital. they got people online, but amazon is going heavily into apparel, and this is where it is hurting macy's the most. david: the other part of the plan was to close stores. how are they doing on that part of the plan? only did same-store sales drop, but the

heung—min son could overtake macy's has the biggest clothing retailer., they are shutting down the non—performing stores, they happened to be part ofjcpenney, sears, macy's. it is all interlinked, all coming down. something we will see a lot more rough in the coming year or two. donald trump will be following those pressures very cleanly. what is the trump administration's plan to boost the sector? very important thing to talk about. we have heard nothing about the retail sector. not on many people's radar as of yet. we heard a lot from the campaigning presidential candidate that solely about bringing back old jobs. we are talking about more jobs about bringing back old jobs. we are talking about morejobs in about bringing back old jobs. we are talking about more jobs in the retail sector than industry. —— jobs in coal. one tweet i highlighted fromjp in coal. one tweet i highlighted from jp morgan. they are estimating that a quarter of all us shopping mall space for the —— space will be repurposed. we will turn to all the latest sports news. we have a st

let's start with macy's. the numbers were clearly disappointing.ompany's been relentlessly cutting his forecast. same store sales horrendous, down 4.6%. apparel is pretty disastrous and the stock fell hard down to six years lows, first macy's does sport a 6.5% yield, pretty stable. second the stock may have been near to these levels all right, it wouldn't be such a precipitous decline if there wasn't such 50ididle nonsensibl takeover talk. seems to have an awareness of what they can do to race their numbers. they got to make the stores look better, get rid of those plastic hangers, shoes have become a winner. fine jewelry, makeup's doing well. it's not a total debacle. although i could argue that macy's is the best of the four. i actually like kohl's. an aggressive buy back, and for the last five years, they have shrunk the share cap from 200 million to 170 million. also stores in street malls, which makes it easier for the company to leverage order pick up at the store better than any of the other mall based. kohl's saw what can only be described

i think macy's can support their stores, the stock's down 18% for the year.s, i actually think can do well, and with the stock down 17% for the year, i find it down right tempting and ready to run. slim pickings for us all. these companies didn't fall so low because the companies behind them are doing well. but i can go with kohl's, which means i want more yield before i can give the stocks my blessings. we're going to dave in arizona. >> caller: jim, a long time fan, my stock today is home depot. it's valuation is high and it's got a earnings report may 16, i wonder if i should take profits or -- >> please don't take profits, it's in the sweet spot of my fixing up your home theory, it's also gardening season, we have got some good weather across the country that,'s going to do well. if you're a homeowner, buy some and if it comes in, buy more. that's how good that particular company is. is it a cushion or a trap? that ee's what you have to ask yourself when it comes to these 5% yieldses. i'm going to sit down with one of my ultimate faves expedia. >>> then i

nicole: retailers such as macy's, kohl's, nordstrom's report today. lauren: boston celtics in their series against the washington wizards. and in their season. we'll show you all the highlights. nicole: could rescind learning. 5:01 a.m. in new york. we welcome new "fbn:am: common your first look at morning markets and breaking news. lauren: us who like to say, one more alarm clock. fbi director james comey said in a letter to colleagues saying in part i'm not going to spend time on the decision for the way it was executed. i hope you won't either. it is done. i will be fine. although this elimination deeply. house speaker palmer and reject calls for a special prosecutor. >> we have three investigations going on. a house committee which is the appropriate committee to do that i believe. the senate intelligence committee and the fbi investigated the expression. lauren: but permanent the white house with more. >> president trump had considered firing james comey since the day he was a good according to the deputy white house press secretary huckabee sand

it's going to be bad for macy's.t's going to be bad for everybody who sells furniture and xpl logistics can get it to your house because that's the last mile sender. they can put it -- you know, get it to your house and that used to be a difficult thing. you needed to rely on these department stores with the big trucks. >> you did. and the delivery times took forever. the time between when you bought a piece of furniture and it arrives is months oftentimes. not because of the delivery. because of the manufacturing. >> if i had you over for dinner, i would order amazon, bring the stuff to my house. and, you know, you would think that i had furniture. >> wayfair is down 6% in the premarket. >> well, it did have a pretty big run. now, andrew leff did indicate on the network that he was going to go golf while he waited for it to come down and so maybe he can finish the 70,000 holes that he was playing in the interim. happens to be fun. >> the president this morning adamantly denying that he has any business dealings with

. >> macy's has really good deals on mattresses. try there. >> appliances. specific kind of appliances want to look for? >> in sentiveized across the board. stoves, washer dryers, in particular, yeah, refrigerators. sears has a really good kenmore fridge, for under $1,000. right now. sears of course has some serious incentives because, they are struggling like a lot of other retailers. >> blenders. what i want to buy? >> now is a good time. >> pina colada, margarita. >> small kitchen accessories, up to 75% off. you see, the site wide sales. macys. jcpenney. buy a blernd. margaritas at my place. >> i'm in. we're doing it. speaking of my place, home decor, that kind of thing what do you look for? >> little type product. you will find that. 75% off. stuff look that. move that inventory. sitting there. a lot of it. definitely look into that. i can't go into bed, bath, beyond. every time i do. i'm in there two hours. buy a car full of stuff. and, home good stores that just totally suck you in. >> never go to bed, bath, beyond without your 20% off coupon. >> memor

. >> it is macy's. giving you two of them today.y's, they started buying may 30 calls aggressively. this is the year to date graph. take a look at what the normal activity has been b in these calls. next to nothing. you look at this, there it is over here. about 500 contracts a day. all of a sudden, trades nearly 9,000 contracts. tells us something might be happening between now and next friday, judge. i'll probably be in these calls which i bought today, by the middle of next week, i'll probably be out. that's a big bet that macy's trades through or at least to $30 very quickly like that. >> yep, how about fcs. >> here's a yore to date there. it piqued just shy of 18 bucks a share. here it is at 11.80 today. they're much longer dated. buying them out in january, so not short-term, long-term calls. january's traded about 22,000 of those. at the 14 strike, $2 higher than where the stock is. i paugt these, but didn't buy january's, i bought calls and set myself up for it to rise over the next couple of months. >> back to macy's for a

we have macy's reported this morning.well as tillerson kohl's all disappointing -- as well as dillards and kohl's all disappointing. we have the mall owners that are down today. the real estate investment trusts. the s&p real estate index is the worst performing other groups in the s&p 500. all tradingty, gdp, lower. on the concern that the troubles and retail really are centered on the mall and these department stores, particularly like macy's that in traditional anchors of the malls. then there are companies that sell products in the likes of macy's and kohl's and dillards. the manufacturers. ralph lauren trading lower today and michael kors trading lower as well. one of the things we been tracking is the so-called non-store retailers as a percentage of overall retail sales. online retail. you can see if you go back to 1992, a huge gain and very consistent steady gains we have seen for online retailers as a percentage overall. what is remarkable is how low that percentage remains. keep in mind overall retail includes th

shares of macy's are down 15 respect. this isn't so much a macy's story as much as a retail story. shares is in snap are in trunlt, as well. down 21 port st. luci 21%. the company lost more than $2 billion in three months, but believe it or not, that's not what investors are worried about. the $2 billion went to stock options. that is $2 billion on paper. what is the big deal is the number of people using snapchat isn't growing very fast. and facebook keeps copying every good idea that snap comes up with. investors are nervous. snap of course came out with the spectacles, the sunglasses that can take pictures. and if you're saying i've never seen anybody wearing those, well, those numbers bear you out. snap says the sunglasses business is pretty slow. and i have to say, i've never actually seen anybody wearing a pair. >> no, the google glass, yes, but not that. >>> summer hiring is expected to soar this year according to a new survey by career builder. it shows 41% of employers plan to hire seasonal workers for this summer. that is a significant jump from last year which was just 2

macy's down slightly.r 5.5% and again jcpenney as you can see down more than 9%. we will have more on retail with the telsey group's dana telsey in just a moment. >> the top tier guys can't cut it -- >> nordstrom beat expectations, and in fact by a long shot. >> think if you're jcpenney, and the top -- you know, you're trying to get off the stag ma of being jcpenney but even the ones, high end ones are having problems. and you're jcpenney to start with. kind of sad. you ever been in a jcpenney? >> yes! >> okay. all right. don't get defensive about it. but not in years, right? >> i actually have. not for -- i was in a mall. >> okay. >> shopping in a mall. >> okay. you done? okay. corning is the first recipient of an award from apple's newly announced advanced manufacturing fund. corning will be awarded $200 million from the fund which is designed to encourage innovation among manufacturers. the glassmaker and apple have collaborated for the past ten years. it makes gorilla glass, which as you know is used i

macy's plunged 17%. biggest selloff since the financial crisis. and another retailer we will hear from jc penny this morning. the stock dropped more than 7% yesterday ahead of its quarterly results, has investors braced for more potentially bad news from another big retailer and jc penny has announced or closing involuntary requirement programs as it looks to cut the custs amid sliding sales. lauren: it's tough out there. u.s. treasury secretary steven mnuchin arrives in italy to brief world financial chiefs on donald trump's economic agenda. we will go live to italy. we have a special report from adam shapiro coming up. storms moving through oklahoma and now heading east. >> right now we are on state highway 36, we have a tornado on the ground right now. lauren: senior meteorologist tracking the storm and what it means for your mother's day plan. futures are down across the board, dow dropping 38, the nasdaq up this week on pace for four-street of gains. you're watching fbn:am, first look at morning markets and breaking news. ♪ ♪ the world of fas

we are awaiting earnings from macy's we will bring the dozen we have the tape.line of about 18 points this morning. it left interest rates unchanged. the markets are determined positive. even if just by a fraction. in asia overnight the gains across the board as well. a better than 1% as well as in hong kong. the treasury announcing interest rates are set to rise this year. what it means for borrowers coming up. with the company helping those in need. we will tell you about it. meet charlie brown. call it the trump pump up. how one team is using the president's words to use them ready for the game. the fallout from firing of james comey. he says he is not dwelling on it. and if they are well letter to colleagues. i have long believed that a president can fire an fbi director for any reason or for no reason at all. and i can spend time on the decision or the way it was executed i hope you won't either. senator, good to see. thank you so much for joining us. appreciate the opportunity to visit this morning. we've been having a discussion here about the messaging n

macy's in you spend $49 you get their free shipping. at blooming dales you shop online you get an additional 20% off, so you're going to walk away with stuff from the clearance bin for next to nothing. >> and better inventories too, because it's all lumped in one spot. >> exactly and you don't deal with the traffic either. >> i here mattresses that could be 50% off. i'm kicking myself because i have one being delivered this week. >> 50% is what they're going for this memorial day. sears has a set and in some cases you can do better. 50% off and in some cases 6 o% off. >> is this a good time to be buying household appliances? >> in familiar, refrigerators because this is the time of year when the manufacturers move the old models off the floor and replenish them with the new ones. manufacturers of other goods such as stoves and other big ticket items they have a different production cycle. these are name brands. you've got samsung, ken more, sears has a nice ken more that's on sale. these are legitimate deals and also a good time for som

all of that sent stocks lower for the week and retail macy's one of the big stories on the downside. joining me a group of high-powered advisers try to just research partner and ceo -- where are we in terms of the rally that we saw after the election and putting money to work right now jason? how would you characterize the market for the investor out there watching? >> it is quite strong. one of the things that has been missed about people who write about the markets is this isn't even solely or in part by the trump agenda which in my view is good because there's more room in the trump agenda gets passed. it's driven much more bike earnings and earnings for the first quarter look like they should be up somewhere between 14 or 15% even if you take energy out of that they would be up double digits in some ways that's the greatest story ever told. you have earnings recession in 2015 and 2016 and now the market is being driven by good old-fashioned fundamentals which i think is good. maria: an important point you bring up it's not just earnings its revenue. you want strong revenue becaus

you talk about macy's. they started with the last chance department.0, 80% jammed into one corner of the store. i like to dig through and find bargains but if i purchase address written -- $20 i can't it is good for macy's bottom line. >> not everyone likes to dig through. >> i know. thank you 7:18 am sal's watching highway 24 how do we look? >> you said something and i didn't hear you. >> i wanted to say hello. checking in on the commute. >> okay. gasia's sittting not knowing what to say 35 minutes between carquinez bridge and macarthur maze, descents commute for this time of morning. decent commute, yesterday we had 50 minutes of those 15 minutes, 15 minutes better than yesterday at the bay bridge, it's about 10-15 minute maybe 20 minute delay at the toll plaza . moderate on the commute . looking at interstate 880, it's filling up at highway 24, it's slow in lafayette. by the time you make it to the tunnel, things have evened out driving into oakland. highway 4 has become a normal commute. very slow. it's become concentrated used to be longer but now

macy's and kohl's are already predicting that sales will fall this year, while nordstrom believes that thursday, wells fargo usually holds its investor day every other year. but it is holding one for the second year in a row. it's trying to restore shareholder confidence, following its recent accounts scandal. the bank will provide new cost—cutting targets and leaders of the lender's major business units will discuss their outlook. joining us is lawrence gosling, editor—in—chief of investment week. quite a quitea uk quite a uk focus we have got going today. let's start with the bank of england. we are getting a regular inflation reports, a lot of reports on whether there is any hint of an interest rate rise. as ben was saying earlier, virtually no expectation we will get an interest rate rise. it is almost a question of if we will get one before the end of if we will get one before the end of the year. i would say almost certainly not. or the end of next year? even before the brexit negotiations? we will still be here discussing it! we could make a case for not seeing an interest rate

macy's lost around 14% of its value.als kohls and jc penney were also down sharply, amid fears about the health of the traditional us retail sector. the rise in online shopping has seen us department stores shed more than 32,000 jobs in the past year, according to us government estimates. the south korean government has ordered carmakers hyundai and kia motors to recall about 240,000 cars, after a tip off from a whistleblower. the ex—hyundai employee raised concern about defects which affected 12 different car models. it is the first time the country's government has issued a compulsory vehicle recall. kia is an affiliate of hyundai, and officials are asking the country's prosecutor to look for any evidence of a cover up at the carmakers. to asia now, and since us president donald trump and chinese president xijinping met in florida last month, the two countries have been in talks to try and reduce tensions over trade. well, it looks like those talks are beginning to yield results. 0ur reporter is in singapore and can te

macy's if you spend $49.get their free shipping and at blooming dale's if you shop online, 20 it is off, stuff already reduced soy you'll walk away with stuff from the clearance bin at probably next to nothing. >> better inventory because everything is dumped into one spot. >> and you don't have to deal with traffic either. >> mattresses, sometimes 50% on and i'm kicking myself because i have one delivered this weekend that i bought a while ago. didn't pay full price. >> 50% is what mattresses are going. sear's has had a nice beauty rest queen mattress set for 50% off and some cases you can do better if you're shopping one of the clearance sales, but 50% off in, some cases 60% off. >> okay. note to self for next year is this a good time to be buying household appliances, things really good for appliances, in particular refrigerators. because this is the time of year when manufacturers move the old models off the floor and replenish them with the new ones. manufacturers of other goods such as stoves and other

net sales where for macy's plunged 7.5%. macy's, kohl's, jcpenney's, and nordstrom dropped 17%. the brokerage firm credit suisse predicts 8,600 brick and mortar stores would close. that would be a record. mellody hobson is here. good morning. >> good morning. >> so glad i've been wanting talk with you. macy's says it will close more than 100 stores. what does this signal? >> it's a bloodbath. normally i use moderated words. >> bloodbath is not a moderating word. >> when you think about the fact we've been in an economic expansion, wages are up, prioil low, this should be manna from heaven for retail and it's not. >> what's the problem? >> amazon? >> no, it's not just amazon. amazon gets a lot of the reputation but when you think of it, they're representing 45% of sales. everything we beer, nearly half is being bought through amazon. however, 85% of retail sales are still occurring in stores. most of us are walking into a store to buy things. part of the fact that malls were overbuilt. from 1970 to 2017 malls were built at tw

and on thursday to hearfrom american retail giant macy's, the companies will close about 100 stores instores in the next few years, about 15% of all stores. macy's continues to face intense pressure from online retailers as well a struggling with underperforming stores. 0n retailers as well a struggling with underperforming stores. on friday will focus on some economic news with the latest numbers on retail sales in the united states as well as consumer sentiment on the consumer price index, inflation. that this era in new york. —— some era. joining us is james bevan, chief investment officer at ccla investment management. we've touched on europol ready, a quick take not, we have seen some reaction the other way. this is unambiguously positive for the euro project and the next big test is italy, not germany. forthe project and the next big test is italy, not germany. for the moment, great news. interestingly the price of oil edging up today, news from 0pec which is helping oil stocks on the market. oil price is pretty bumpy and i'm not expecting it to go up bumpy and i'm not expecting

. >>> just a short time ago, macy's turned in numbers and they're terrible. macy's says same-store sales, which is what it sounds like, a measure of how much a store sold this year compared to last, fell almost 5% and profits fell nearly 40%. this is not so much a macy's story as it is a retail story. retail is in real trouble. shares in the company snap also in trouble today. snap is the parent company of snapchat. last night was the first time snap reported profits as a public company after its ipo in march. the company lost more than 2 ability in three months but that's not what investors are worried about. the $2 billion went to stock options so that's on paper, not a big deal. what's the big deal is the number of people using snapchat isn't growing very fast and facebook keeps copying every good idea they come up with and snap is nervous. snap came out with the sun glasses that could take pictures and if you're saying to yourself, i've never seen anybody wearing those, those numbers bear you out. snap says the sunglasses business is pretty slow. i've not

shares in macy's plunged after the us department store owner said quarterly sales slid 7.5%.fears about the health of the traditional us retail sector. the rise in online shopping has seen us department stores shed more than 32,000 jobs in the past year. now have a listen to this announcement made to a group of paddle—boarders just off the coast of california. attention in the water. this is the orange county sheriff ‘s department. be advised state parks is asking us to make an announcement to let you know you are paddle boarding next to approximately 15 great white sharks. they are advising that you exit the water in a calm manner. that's the orange county sheriff's department warning a group of paddle—boarders they're swimming next to 15 great white sharks. a police helicopter spotted the sharks near dana point, about an hour away from los angeles. a woman was bitten in the area at the end of april. time for a look at the weather... not looking that bad, but we do need the rain. there will be rain any form of showers, quite heavy through central areas and a band of rain mov

karen, forced to choose is there between nordstrom's and macy's?bly macy's because it is so beaten down, but i own neither. >> i think nordstrom's rallies after earnings, i think there is a 23% shortage, they will cover. it will be a benign quarter. i think the valuation is getting too rich again. >> coming up next the final trades, stay tuned. >>> guy. >> yes, mel. >> what are you doing tomorrow? >> i will be standing at a craps table at the encore hotel in las vegas. >> that's right. we are going to las vegas! me, guy and nathan headed out to the credit suisse contest. we will be with steve w cnn, mark cuban and wayne newton, 5:00 p.m. "fast money" goes to vegas. time for the final trade. >> unbelievable a. great lineup, neighbors, keep an eye on this name. oil has been beating down. nbr is going high. >> i'm hanging on to my foot locker. they will report later next week. that's going to be positive for foot locker. >> grasso. >> vrx, one of my "fast money" march madness, a bullish call. i'm still on the name. >> guy, rangers, disappoint me. grea

it's better than macy's.rban outfitters was saying, listen, we're budgeting down numbers for as far as the eye can see in the stores. stores. >> wow. >> it's the mall retailers. by the way, said that the shopping mall companies -- >> really. >> do not speak of anymore? >> no. no. rent's coming down. >> we're going to get cramer's "mad dash." a lot of movers we have not gotten to. biz stone coming back to twitter. a downgrade at disney. a lot more still to come. their experience is coveted. their leadership is instinctive. they're experts in things you haven't heard of. researchers of technologies that one day you will. some call them the best of the best. some call them veterans. we call them our team. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. will you be ready when the moment turns romantic? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough

yesterday we had cold and macy's -- macy's and kohl's down in a big way.missed by 285 basis points -- 280 basis points to down -- to come down 3.85%. nordstrom missed by 80 basis points and analyst are saying the stock is best in class, but bloomberg intelligence analysts make the point that they could close stores -- jcpenney could close stores. they are trying to control traffic to the stores, but new -- more consumers are shopping online. we have a number of high-profile reports next week faring a little bit better. look at home depot trading higher by half a percent. ticking a look at walmart, target and t.j. maxx, these stocks are trading lower, but our team was told that on walmart they think it will be an ok quarter driven by food and traffic could be helped by gas. we also have target trading lower and she thinks they could be under pressure by traffic and she would be surprised if they make numbers. t.j. maxx down today, but they think that is a bright spot in the retail space and expects them to do well. that is one of segment benefiting from the

macys lost around 14% of its value.fears about the health of the traditional us retail sector. the rise in on line shopping has seen us department stores shed more than 32,000 jobs in the past year, according to us government estimates. a quick look at what has been happening on the markets now. the main thing is the stabilisation of the oil price. looking at european markets. the gdp figures for germany will prove pretty influential this week. no move on interest rates in the uk at the moment. inflation emerging from the uk on that. the us still affirming support for rate hikes over there. don‘t forget that you can get in touch with me and all of the team on twitter. some of them don‘t like to make themselves too available. i am tanya beckett with the bbc. in the 19th century, public baths and washhouses were an important part of improving people‘s health but over the years many have closed due to cuts in council funding. this weekend one of the uk‘s oldest pools, the victoria baths in manchester, will open it‘s doors

macy's reporting a ninth consecutive quarter of falling southward profitability down by 39%.ospects for retail spread to rival department store chains with others falling between five to 8%. for most people, a home is the most expensive thing they will ever own. real estate is a major investment for many people here in asia but you should you put money into an expensive market like hong kong or bet on a rapidly rising real estate market like india ? hong kong or bet on a rapidly rising real estate market like india? we spoke to the chief executive of the property firm jl l. talk to anyone who owns property or who wants to get on the property ladder, the value of homes preoccupies the minds of most. where to live and what to buy here in asia is a bit of an obsession and who better to make sense of it all than the chief executive ofjl? we have two minutes with you starting now so i will start by asking what the property market is like here in singapore and the region? singapore or at the bottom of the market at the end of last year but we saw a u—turn of 1% in the luxury sector