Investors should pay attention to Macy's (M) and Kohl's (KSS) in the wake of L Brands (LB) earnings preannouncement, says TheStreet's Jim Cramer. Shares of L Brands are down sharply today on heavy trading as the Columbus, OH-based company cut its 2016 fiscal third-quarter earnings forecast to about $0.40 a share, down from its prior range of $0.40 to $0.45 a share. Analysts surveyed by FactSet are looking for adjusted earnings of $0.46 a share. The operator of Victoria's Secret and Bath & Body Works stores said it expects comparable-store sales to be up 1% in October, while analysts surveyed by FactSet are looking for an increase of 1.7%. L Brands sees Victoria's Secret posting a 2% decrease in comparable-store sales for the month, while Bath & Body Works is expected to post a 6% increase.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.