Macy’s Kicked Off S&P 500

In breaking news, Macy’s Departments stores has been kicked off the S&P 500. It will take effect on as of April 6, 2020.

Macy’s shares have been falling lately as over 800 stores have closed in the recent months. Also, they announced today that 130,000 workers will be furloughed because of the Coronavirus pandemic. It hasn’t been a good year for the once renowned retail giant, and current economic conditions aren’t helping.

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The stock is down 90% from it’s all-time high in 2015, and has lost nearly 70% of it’s value in 2020 alone. Online competition from the likes of Amazon (among others) have caused the retail giant trouble for a few years now. The Coronavirus pandemic seems to be the straw that will break the camel’s back.

Side Note: I will not being buying Macy’s stock. I do have some faith that the airline industry will rebound, and that many airline stocks are a great buy right now. But, make sure you do your own research before listening to me.

It looks like a lot more people (130,000 Macy’s employees to be exact) are going to be looking for ways to make extra money during the Coronavirus crisis. Keep positive, and keep moving forward. Things will get better.

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