Reuters/Shamil Zhumatov Morgan Stanley is bearish on Macy's after research showed continued declines in same-store sales and return-on-capital investments. Macy's proved it might survive the retail apocalypse after exceeding expectations during its last quarterly earnings report. However, the risks now outweigh the rewards as share prices have risen 61% since October and Morgan Stanley's research shows continued declines in same-store sales and return-on-capital investments.