Markets are trading off on continuing poor retail numbers.
Apple reported Tuesday night that the Holiday Season sales look like they will be lower than expected by Wall Street. It’s not unusual for Apple to forecast low for an easy beat when they report earnings.
But this is different. Apple also reported its first year-over-year decline in sales.
Trouble retail is not something new. Large retailers have been closing stores ahead of the holiday season suggesting they don’t see any benefit in keeping them open for two additional months.
The consumer is tapped out, There is no way to put it any other way. Wal-Mart, Sears, Macy’s and Target are all in search of a fix, but as sales plummet there’s little to do but discount further.
So Deutsche Bank is looking to award bonuses this year in stock — not cash.
The same stock that is bouncing off of multi-years low, that traders and execs are fleeing in droves.
Does not bode well for its US operations, which the bank said it will pull back to safe some money.