Sears Holdings Corp. (SHLD) reported fourth quarter adjusted EPS of $0.54 Thursday morning, down from $3.67 last year. The consensus estimate was for EPS of $0.78.
The company also announced that it reached a definitive agreement for the sale of eleven Sears full line store locations to General Growth Properties for a purchase price of $270 million. The company also plans to spin-off about 1,250 of its Sears Hometown and Outlet Businesses and certain hardware stores through a proposed rights offering.
Sears Holdings gapped up sharply Thursday and climbed during the first hour of trade. The stock closed higher by 9.72 at $61.80 on strong volume. Sears rose to a 3-month high and re-crossed its 200-day moving average.
by RTT Staff Writer
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