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Macy’s Stock Shrinks as Firm Reports 20% Drop in Same-Store Sales

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At the time of writing, Macy’s (M) stock is trading at $8.90 which means that it is 1.06% down.

The stock of popular American Department store Macy’s Inc (NYSE: M) plummeted in the pre-market following the release of the company’s third-quarter 2020 results which shows a 20% decline in same-store sales. Macy’s which has been in existence since 1929 had a slightly rough Q2 thanks to the coronavirus pandemic that shifted consumer’s focus away from clothing and accessories amid the lockdowns.

Despite the decline in same-store sales in the Q3 under review, The Ohio-based firm recorded a solid performance that beats analysts’ expectations.

“Macy’s, Inc. third quarter results reflect solid performance across all three brands – Macy’s, Bloomingdale’s, and Bluemercury. Our results were driven by disciplined cost management, strong execution by our colleagues and an early start to the holiday shopping season,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Customers shopped our brands across all channels in the third quarter and responded well to our expanded fulfillment offerings, such as curbside, store pickup, and same-day delivery.”

Per the financials, Macy’s reported a $3.99 billion as against the $3.86 billion expected from analysts. The company’s adjusted Earnings Per Share (EPS) came in at a loss of 19 cents, adjusted in comparison to an expected loss of 79 cents per share. The company reported a positive EBITDA for the year, a quarter sooner than it projected and its digital sales grew by 27% from the 2019 figures. The digital market sales account for 38% of the total owned comparable sales. 

Macy’s previously withdrew its full 2020 earnings guidance due to the uncertainties brought by the coronavirus pandemic. Nonetheless, Gennette said that the company will continue to watch the resurgence of COVID-19 and its potential impact on Macy’s business. He added that its staff “are executing well and have shown the flexibility and agility to adjust plans and provide a great omnichannel experience to our customers.”

Macy’s Stock Shrinks: Deviation from the Norm

The dip in Macy’s stock comes as a deviation from the norm seen thus far amongst American retail or consumer-focused companies that have posted their previous quarter earnings.

At the time of writing, M stock is trading at $8.90 which means that it is 1.06% down.

Upon the release of its Q3 earnings back in September as reported by Coinspeaker, the shares of Nike Inc (NYSE: NKE) surged by 13%, a growth that cascaded into the after-hours trading, the shares as reported at the time went on another bullish run when the company released its earnings guidance. The NKE shares rose by 8.7% with the news.

While the two retailers show different responses in line with a strong Q3 performance, both as well as other consumer-centric outfits are bound to maintain healthy performance as a result of the holiday spendings and positive news of a coronavirus vaccine been approved.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Apple to Debut Faster Watch with Temperature and Glucose Testing Capabilities, AAPL Stock Slightly Up

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Beyond the company’s move in seeking advancement in its smartwatch, it is also working assiduously to explore new areas, notably in the Apple car pursuits.

American multinational technology company Apple Inc (NASDAQ: AAPL) is set to debut a faster model of Apple Watch as the tech giant seeks to beat competitors in terms of product performance. Per a Bloomberg report citing people close to the company’s plans, the proposed new Apple Watches will also brandish the abilities to check temperatures and user’s blood glucose levels.

The Apple Watch was debuted in 2015 and has grown to become a vital part of the Cupertino-based company’s product suite. While the watches have seen bigger upgrades in times past, the currently scheduled boost will place it at the echelon of smartwatches with unique capabilities in the market. The temperature check feature became a necessity following the advent of the COVID-19 pandemic, and the increased demand for handy temperature checkers.

As against the usual format for checking blood glucose levels, the feature designed into the Apple Watches will not involve pricking fingers for traces of blood. Instead, the Apple technology will analyze the blood without being invasive, according to the Bloomberg report. The new model dubbed the Apple Watch Series 7 also has a faster processor, improved wireless connectivity, and an updated screen. 

The Apple Watch with the temperature capability may not be hitting the market until the next year 2022, while that designed to check blood glucose may take a couple more years before it is available commercially.

Apple stock is currently trading at $127.79 in the pre-market, representing a growth of 0.35% from the previous close.

Beyond Apple Watch, the Company Is Expanding Its Product Suite

One of the major tenets of the top technology companies including Apple is the ability to innovate and match with the competition. Beyond the company’s move in seeking advancement in its smartwatch, it is also working assiduously to explore new areas, notably in the Apple car pursuits.

While the details of the Apple self-driven car production remain sketchy, CEO Tim Cook once confirmed the firm is building its tech in autonomous systems. Per his word;

“We’re focusing on autonomous systems. It’s a core technology that we view as very important. We sort of seeing it as the mother of all AI projects. It’s probably one of the most difficult AI projects actually to work on.”

Many have attributed this comment to the proposed self-driven cars which have been spotted on many occasions being tested by the company on the streets of California. The latest update from the Apple cars involves the potential pursuit of a partnership with either Contemporary Amperex Technology Co. Ltd. (CATL) and BYD Ord Shs A (SHE: 002594) for Lithium Iron phosphate batteries supply, according to an earlier Coinspeaker report.

The deal has neither been confirmed by either Apple or the two companies, however, people close to the matter noted the conditions to set up a plant in the United States set by the former is of disinterest in CATL. The cost considerations and the unrest between Washington and Beijing are the major considerations to pull the deal through.

Apple’s ties with Chinese firms are well engrafted as the assembling of the proposed upgraded main Apple Watch will be done by Luxshare Precision Industry Co Ltd (SHE: 002475). The Apple Watch SE is billed to be assembled by Foxconn Technology Co Ltd (TPE: 2354) alongside Taiwan’s Compal Electronics Inc (TPE: 2324).

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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El Salvador Becomes First Country to Accept BTC as Legal Tender, Its Cogress Approves Bitcoin Law

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President Bukele said the country may explore Bitcoin mining as a way to put its geothermal energy option to full use.

Latin American nation, El Salvador has made history as the first country to accept premier digital currency, Bitcoin (BTC) as a legal tender. Per a Coindesk report, a supermajority in the country’s legislative arm voted in favor of the Bill proposed by President Nayib Bukele to officially recognize the cryptocurrency as an official currency to complement the United States Dollar it currently uses.

Bitcoin has come a long way from when it was first introduced by Satoshi Nakamoto with the publishing of the currency’s Whitepaper in 2008, and the eventual launch of the currency in 2009. Since then, the coin has been tossed around in many scenarios, some encouraged its growth, and others largely held it bound. Government regulations, energy consumption criticisms to mention a few accounts for the latter, however, events in the past year seeing multinational corporations begin to invest and acquire the digital currency stirred the changes we are seeing today.

While many governments are exploring means to clamp down on crypto and Bitcoin activities, in particular, the El Salvadoran legislature has teamed up with Bukele to back the coin for its uniqueness. The vote that passed the bill came with 62 members voting in favor, 19 voting against, and 3 abstentions. The nation’s move is against the norm and there are plans for government officials to go explain the plans of the new law to the International Monetary Fund (IMF).

Bitcoin Is a Legal Tender in El Salvador: Here’s What to Expect

With Bitcoin becoming an official legal tender – as will be finalized when President Bukele signs it into law – businesses are now mandated to accept the cryptocurrency for payments. Beyond payments, all forms of taxes can be paid using BTC, transactions or investments involving Bitcoin will not be subjected to a capital gains tax.

The acceptance of Bitcoin as a legal tender is not targeted at offsetting the role of the Dollar in the country’s payment ecosystem and will serve as the reference point for the new form of money. The issue of volatility is also going to be addressed through a Trust that will be opened at the Development Bank of El Salvador. This trust is going to help mitigate the risks associated with price fluctuations as it will help merchants in the conversion of their Bitcoin holdings to Dollar in real-time. An initial allocation of $150 million will be made into the new Trust.

“If there’s an ice cream parlor, he doesn’t really want to take the risk, he has to accept bitcoin because it’s a mandated currency but he doesn’t want to take the risk of convertibility, so he wants dollars deposited in his banking account, when he sells the ice cream, he can ask the government to exchange his bitcoin to dollars,” said President Bukele in a Twitter Space conversation hosted by Nic Carter of Castle Island Ventures. “Of course he can do that in the markets also but he can ask the government to do it immediately.”

In addition, President Bukele said the country may explore Bitcoin mining as a way to put its geothermal energy option to full use.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Robinhood IPO on Horizon with $30 Billion Valuation Expected

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Robinhood IPO will offer over 22 million Class A shares, whereby they will be priced at $16-$19 per stock.

Robinhood Markets Inc, an America-based fintech company, has inched its way towards a $30+ billion IPO deal following immense growth in the past year. Its rapid development is attributed to its trading platform’s user-friendliness and simplicity, making it popular among the younger generation. Currently, it boasts of about 13 million users and a net value of over $11 billion having experienced a revenue ascent to around $260 million in 2020 from around $110 million in 2019.

Nevertheless, Robinhood has faced heavy backlash and lawsuits in the past year. The iconic Berkshire Hathaway investor Warren Buffett discredited the company’s reputation for easy trading by saying that it promotes a casino-like behavior. His partner Charles Munger backed him up saying it makes the stock market a gamblers’ ground and it makes money in “dirty ways”.

Additionally, a complaint was filed by Massachusetts regulators against Robinhood. Accusations ranged from their gamification of trading and use of aggressive methods to failure in preventing disruptions and outages in their trading platform. Rich Repetto, a brokerage analyst from Piper Sandler, reported that the company’s “zero commission” statement was true, however, its order flow payments and high trading volumes did more than cater for the revenue gap.

Furthermore, multiple class-action lawsuits have hit the company following their trading outages last year. Many users reported being locked out of the trading platform during major moves. Recently also, users reported restrictions from purchasing volatile stocks and unresponsive customer service.

Robinhood reacted to critics, saying that their users preferred the new way of trading compared to traditional methods. The company also reiterated its transparency and distanced itself from any conflicts of interest in its business model. More recently, the company has improved their customer service one of their customers committed suicide.

Amidst the chaos, Robinhood’s iOS downloads increased exponentially and more than $3 billion was raised by venture capitalists.

Bigger Picture on Robinhood IPO

Robinhood completed all requirements for its $30+ billion IPO offering, with Nasdaq as its stock exchange preference. It also widened its executive team to include Silicon Valley and Wall Street veterans such as Amazon’s Jason Warnick.

Silicon Valley’s unicorn has continued to express its novelty by allowing non-professional investors access to its shares before its IPO debut. Robinhood IPO will offer over 22 million Class A shares, whereby they will be priced at $16-$19 per share. Consequently, Robinhood users can now purchase the company’s shares on the Robinhood app. This move is intended to decentralize investment by making it accessible to people of diverse financial status rather than professional traders and the wealthy few.

To encourage both novice and experienced investors, Robinhood has provided prospectus with detailed information on its IPO including its business model, administrative personnel, and risks of investment.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
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