Jim Cramer says the performance issues at Macy's are tied to the grim state of mall-based retailers and breaks down bright spots he sees in the sector.
fiscal second quarter
, shareholders took home 28 cents, well short of Wall Street's 45 cent estimates, which triggered the stock price to free fall more than 13% in the session. "The Macy's conference call was brutal, but I think that's less about the state of the consumer and more about the state of the mall-based department store," he said.
Macy's is feeling pain from tariffs on Chinese imports and the exodus of shoppers from the malls to online retailers, and the company's poor execution compliments investor fears about recession signals in the bond market, Cramer said. But theThe University of Michigan's"I don't think Macy's is all that representative of retail in general.
"This market is now largely ruled by fear. I don't like being scared into anything when it comes to my money or yours, and remember: panic is not a strategy," the host said. "You don't panic when the economy's hanging on. You wait for more of a decline ... then you can do some opportunistic buying."
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