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Macy’s sparks $30bn retail wipeout after guidance cut

Macy’s sparks $30bn retail wipeout after guidance cut

Macy’s led a broad sell-off that wiped more than $30bn from the value of US retailers on Thursday after the department store chain cut sales and earnings guidance for its fiscal year, less than two months after upgrading it, in a move that sent shares tumbling by nearly one-fifth. Down 19.4 per cent in morning…

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