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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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December 17, 2014
08:24 EDTSHLDSears 'strategic misdirection' highlighted by Mygofer failure, WSJ says
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December 15, 2014
11:17 EDTSHLDSears to have about 1,700 Sears, Kmart stores in operation going into 2015
On a company blog post, Sears CEO Eddie Lampert said: "At our most recent Town Hall meeting with our associates, I explained that I want us to operate our stores both profitably and with excellence. Both, not just one or the other.This is the background behind our decision to close more than 200 Kmart and Sears stores in 2014. Most of these stores were losing money, some for a long time. Because of the impact on our dedicated associates and our Shop Your Way members, these decisions were not taken lightly, or without our working to improve the performance of these stores over many years. Going into 2015, we will have approximately 1,700 Sears and Kmart big box stores in operation, representing about 200 million square feet of space." Reference Link

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