Consumer companies fell as deal activity was offset by concerns about the sustainability of recent stock-market gains in the sector.
Macy's shares and high-yield bonds rallied along with them, after a consortium led by investment firms Arkhouse Management and Brigade Capital which is seeking to take over the department-store chain sweetened its bid by roughly $800 million. The firms' background in the real-estate business caught one strategist's attention, given the current downturn in New York commercial property.
"So many people are questioning real estate, so why are they making this acquisition," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Stitch Fix shares slid after-hours after the online fashion outlet logged a big drop in revenue in the latest quarter after losing over half a million active clients over the past year, and cut its revenue outlook for fiscal 2024.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-04-24 1758ET
