Macy’s Massacre – 3 Years Of Wasted Buybacks Ends Financial Engineering Dreams

Wednesday, November 11, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
11/11/2015

Macy’s is down over 13% today, pushing towards a sub-$40 handle – the lowest since February 2013 – after lowering guidance and disappointing a market full of hope (and hype) that retail is back (remember, all the retail hiring last Friday). However, that is not the most prescient issue as 3 years of buying back billions of dollars of Macy’s stocks – to financially-engineer earnings to ensure executive compensation is satisfactory – have been completely wasted. And worst still, the additional debt added to fund the total failure in timing of buybacks has now sent Macy’s credit spiking to multi-year highs (as the stock tumbles).

The Rest…HERE

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