For the last few years, CNBC – the leading source of misleading business information – has been a non-stop cheerleader for Macy’s Inc. (NYSE:M), the iconic retailer. Its boss Terry Lundgren has been a regular guest on CNBC “Squawkbox” and Jim Cramer’s “MadMoney,” where he has been treated as God’s gift to retailing. And investors ate up all the adoration and drove Macy’s stock up from a low of $7.42 on October 31, 2008, to a high of $72.80 on July 16, 2015, along with the rest of the bull market.
But suddenly the music stopped. Because behind the uncritical boot-licking of Wall Street analysts and television presenters and Macy’s Thanksgiving Day Parade balloons, the traditional retail business was rotting away. And Mr. Lundgren was not proving up to the task of saving it.
In the last four months, the stock (M) has collapsed by more than 40% to $39.05.
Unfortunately, a lot of investors really got hurt on this one – especially last week.
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