For Friday November 13, TheStreet highlights notable economic reports on the agenda. We begin the day with the producer price index, an important one since it’s an indicator of inflation. Then at the same time, we get retail sales followed by business inventories and consumer sentiment. The report that investors will be paying close attention to is retail sales. On Wednesday, retail stocks were rocked by Macy’s (M) disappointing sales results. Even though earnings came in at $0.56 a share, beating analysts’ estimates of $0.53 a share, the company’s sales of $5.87 billion fell short of estimates of $6.09 billion. The company pointed to the strong dollar and warmer than usual climate for the quarterly same store sales slump. Specifically, quarterly sales dropped 5.2% year-over-year. On top of this, Macy’s slashed its full year earnings outlook, spooking investors. It now expects to earn between the range of $4.20 to $4.30 a share, down from its previous forecast of $4.70 to $4.80 a share. On the earnings front, the major company we’re expecting to get numbers from is J.C. Penney (JCP). Investors will want to see if this company will be affected by the overall retail gloom. TheStreet’s U-Jin Lee reports in New York.
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