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Stock Market & Financial Investment News

News Breaks
January 10, 2014
12:53 EDTSHLDSears dives after negative preannouncement
Shares of Sears (SHLD) are tumbling after the retailer's fourth quarter earnings guidance came in below analysts' expectations. WHAT'S NEW: Sears last night estimated that its fourth quarter loss per share excluding certain items would be ($2.01)-($2.98), versus analysts' consensus estimate for a loss of (20c). Moreover, the retailer stated that its U.S. comparable store sales for the fourth quarter had fallen 7.4%, versus the same period a year earlier. Comparative sales at the company's Kmart stores dropped 5.7%, while comp sales at its U.S. Sears stores tumbled 9.2%. ANALYST REACTION: In a note to investors, Credit Suisse analyst Gary Balter called Sears Holdings earnings shockingly bad and warned that the retailer is losing market share. Given the market share losses and Sears' decision to sell off its strongest performing stores, the company has little chance of mounting a successful turnaround, Balter believes. Moreover, the company is reducing the value of its assets by $10-$14 per share each year it continues to operate, according to Balter. Suppliers are likely becoming concerned about Sears' situation, according to the analyst, who kept an Underperform rating on the shares. PRICE ACTION: In early afternoon trading, Sears sank $4.80, or 11.3%, to $37.75.
News For SHLD From The Last 14 Days
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November 17, 2014
10:06 EDTSHLDSears Canada, JPMorgan Chase announce changes to credit card program
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10:01 EDTSHLDSears introduces 'Reserve It' service
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November 10, 2014
09:08 EDTSHLDSears announces plans for mixed-use development in Aventura
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07:11 EDTSHLDOpen Mobile Media to hold a summit
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07:05 EDTSHLDMarket too upbeat on Sears report, Reuters columnist says
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