Diamonds and Dogs
Macy's (M) delivers great results. The big box retailer is up 10% to a new 52 week high beating earnings and sales results as sales rose 3.6% year to $5.54 billion. Macy's saw strong demand across all three brands—Macy's, Bloomingdale's, and Bluemercury—as well as across all geographic regions. Macy's also gave upside guidance for 2019. Last week, Morgan Stanley downgraded the stock to Underweight from Equal-Weight. Oops.
Everyone is taking shots at Facebook (FB). Facebook is lower by a percent as they continue to clean up their website. Facebook has suspended 200 apps pending a thorough investigation into whether they misused any data. Facebook also deleted 583 million fake accounts. That's a lot and I'm sure there are more. CEO of Apple took a swipe at Facebook this past weekend at Duke University commencement speech while the CEO of Salesforce.com called Facebook the cigarettes of their industry, highly addictive, but probably not good for you. Yikes.