CNBC MORNING SQUAWKMixed bag for retail A slate of retail earnings reports has stocks swinging before the market opens Thursday, as some companies noted consumer weakness entering the spring season.
Macy’s shares dropped as much as 10% after the department store operator
slashed its full-year earnings and sales guidance. The company said it saw weaker discretionary spending starting in March and has had to mark down seasonal merchandise.
Nordstrom’s stock, however, rose more than 3% after the company beat expectations on the top and bottom lines on Wednesday. While the retailer expects sales to fall this year, it reported sales improvements in April after a slow March.
Shares of Chewy, meanwhile, soared more than 15% after the digital pet care retailer topped earnings and revenue estimates.