Macy’s Inc. is being forced out of the stock market big leagues. 🔐
The department store was dropped from the S&P 500 index that tracks the largest stocks on Wall Street — a move that will compel many big investment funds targeting large cap stocks to sell.
The collective value of all the company’s stock — its market capitalization — stood at just $1.5 billion Wednesday, a drop of 70 percent from the $5.1 billion market cap it started the year off with. In 2015, Macy’s had a market cap as high as $24.5 billion as investors were betting a consumer revival and the economy would help lift the company. The consumer did revive as the economy improved and unemployment dropped, but discretionary dollars shifted pointedly to experiences, their smartphones and online services.
On Monday, Macy’s furloughed most of its 125,000 workers and said it would keep its stores closed “until we have clear line of sight on when it is safe to reopen.”
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