Here are the biggest calls on Wall Street on Monday:
Goldman downgraded Macy's to sell and said it saw "significant additional downside" to Macy's retail operations.
"We acknowledge signiﬁcant YTD underperformance and already weak sentiment following the recent deterioration in fundamentals. However, we see signiﬁcant additional downside to M's retail operations, which offset upside from store segmentation and cost savings initiatives."
Citi said in its downgrade of Chevron that it was "worried" about signs of "anemic returns" and "problematic project execution."
The 14-month underperformance of energy equities has been acute: global IOCs have lagged global equities by 20%, while for US E&P and Services, it has been over 50%. Within this mayhem, CVX has emerged as a relative safe haven, benefiting from balance sheet strength and clear capital allocation. But we think that safe-haven status might now be overplayed. 2019 has seen CVX's returns (CROCI and ROE) fall as much as most IOC peers; 2019E ROE of 8% says that more action is needed.