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Macy's (M) Stock Down, Nomura Cuts Price Target

NEW YORK (TheStreet) -- Shares of Macy's (M - Get Report) continue to slide, now down 2.34% to $30.64 Thursday afternoon after the department store giant reported a steeper-than-expected slump in sales for its 2016 first quarter.

Before yesterday's market open, Macy's reported that sales fell 7.4% year-over-year to $5.77 billion for the first quarter, missing analysts' expectations of $5.94 billion. Same-store sales fell year-over-year 5.6% compared to estimates of a 3.8% decline.

The company reported adjusted earnings of 40 cents per share, which did beat analysts' expectations of 36 cents per share.

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