Rob Black’s Winners & Losers: Macy’s sales drop

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On today’s edition of Rob Black’s Winners & Losers, financial expert Rob Black and KRON4’s James Fletcher talk about Macy’s sales, Oracle and the Giants, plus Bitcoin stumbles. 

Rob also answers the viewer question, “What is the 2019 outlook for cannabis stocks?”

Macy’s sales drop: Macy’s says same-store sales during November and December were up just 1.1 percent.  The department store chain cuts its sales and profit outlook for fiscal 2018. Macy’s shares crater on the news, dragging other retail stocks down, including Target and Kohl’s.Target says its 2018 holiday same-store sales rose 5.7 percent. That’s compared with growth of 3.4 percent in 2017.  

Oracle wins naming rights to SF Giants stadium: The San Francisco Giants’ home stadium, AT&T Park, will be known as Oracle Park in a deal that is effective immediately, the San Francisco Chronicle reported.   Oracle clinched the naming rights just as it is losing its rights to the home of the Golden State Warriors, as the team moves to the new Chase Center.  Oracle paid more than $200 million for the naming rights over 20 years.  

Bitcoin stumbles below $4,000 in overnight drop: The world’s largest cryptocurrency suddenly dropped 6 percent on Thursday morning. Bitcoin erased gains from its jump above $4,000 over the weekend.    Analysts did not cite a catalyst for Thursday’s price drop but eToro analyst Mati Greenspan notes that “it seems to be an exact reversal of the surge that happened on Sunday afternoon.”

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