Macy’s is trading below book value, meaning the market thinks that Macy’s is worth less than its assets, which include an estimated $6 billion in real estate. Translation? Macy’s buildings may be worth more than its retail business.
Stocks tumbled yesterday as President Donald Trump opened up a new front in the trade war, promising to impose massive tariffs on the EU after the bloc prepared a response to levies on steel and aluminum. The S&P 500 fell and is now down 10% from its February 19 peak in what is often called a “correction” (but why does this feel so wrong?).
