Macy's has shrunk to the size of Beyond Meat. It's going to get worse, technician says $M $BYND (via TradingNation)
After slumping nearly 50% in 2019, the company has shrunk to its smallest market cap in a decade. Its below $5 billion market value is roughly the same as IPO hotshot, a company with 1% the annual sales. Macy's began the year with a market value closer to $10 billion.
It could be about to get much worse for the beaten-up retailer, says Craig Johnson, chief market technician at Piper Jaffray. "I'd be selling this relief rally. Just based upon our technical work, the stock is in a very well-defined downtrend at this point in time and we're below a declining 200-day moving average. I see the best support on this stock actually coming in at $10," Johnson said Monday on CNBC's "A decline to $10 represents 35% downside from current levels. Shares gained Tuesday, a day after rising by $2 to $15.
"Macy's is a dinosaur. They don't have a competitive advantage. Mall traffic is in a structural decline. They have way too many stores, most of their stores aren't even in A-class malls," Tepper said during the same segment."They've got too much debt, bad margins and that dividend … [is] just unsustainable," he said.
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