Housing stocks have fallen again — and this time the department store stocks have marched down with them.
Since April, when investors voiced optimism that the housing slide had been contained, shares of the country's biggest department store chains have fallen by about 30 percent.
With the sagging prices, investors have rendered a harsh judgment on the coming holiday shopping season, predicting that consumers will severely cut back on spending.
The gloom since April 20 has been spread evenly across the big chains: shares of J. C. Penney are down 33 percent, Macy's by 27 percent, Kohl's by 28 percent and Sears by 28 percent.
More at the NY Times.