Shares of Nordstrom (JWN) hit Wednesday, down nearly 20% after the retailer reported gains.
Target (TGT) walmart (WMT) and others reported last week. This week we hear from Macy’s (m) and other department stores. The results have been mixed to say the least.
For Nordstrom, the stock is about to lose a key support zone in the $19 to $20 range. As noted below, this zone is supported throughout 2022.
Behind today’s losses is the company’s quarterly update. While the retailer beat earnings and sales estimates, it slightly lowered its full-year revenue outlook and significantly lowered its full-year earnings outlook.