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Macy’s is “clearly in trouble,” Cramer said Monday, after the company announced layoffs and a dividend cut. The news is proof that the big department store business model “is just a loser these days.”
Macy's [M
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] will let go of 7,000 employees, or 4% of its workforce, and the dividend will drop to 5 cents per share from 13.25 cents. The announcement pushed a rising Dow Jones Industrial average back down again. Macy’s has been in trouble “literally for years,” Cramer said, and competitors like J.C. Penney [JCP
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] could be in a similar situation.
Elsewhere in the market, Goldman Sachs put U.S. Steel [X
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] on its conviction sell list. While Cramer agreed that the company’s earnings are in trouble and there's a $5 billion pension problem, he said he didn’t see the logic in downgrading a stock that is trading at $27.79 when it was as high as $196 at one point. Goldman should have made its call much earlier.
Would a St. Valentine’s Day Massacre-style killing of the banks help this market? Watch the video for Cramer’s answer.
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