Nordstrom shares are trading lower in sympathy with Macy's, which reported a Q2 revenue miss and cut its 2024 guidance.
Portfolio Pulse from Benzinga Newsdesk
Nordstrom shares are experiencing a decline due to Macy's Q2 revenue miss and reduced 2024 guidance.
August 21, 2024 | 3:00 pm
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NEGATIVE IMPACT
Nordstrom shares are trading lower as a reaction to Macy's Q2 revenue miss and its decision to cut 2024 guidance.
Nordstrom's stock is affected by Macy's performance due to industry correlation. Macy's revenue miss and guidance cut suggest potential sector-wide challenges, impacting Nordstrom's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80