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AP/Yahoo: Sears shares jump on rumors
PORTLAND, Ore. (AP) — Sears spiked 9 percent in Tuesday trading as investors speculated that the company may go private.
The company's stock price has fallen sharply over the past year but rose $2.45, more than 7 percent, to $36.01 in afternoon trading.
Sears Holdings, which operates the Sears department stores and Kmart discount chain, has struggled financially for some time.
It announced in late December that it was closing between 100 and 120 of its stores to raise cash after a terrible holiday shopping season. And in the latest of several public blows to its image, CIT Group Inc. last week said it would stop financing loans to suppliers waiting to be paid by Sears.
The company's stock price has fallen sharply over the past year but rose $2.45, more than 7 percent, to $36.01 in afternoon trading.
Sears Holdings, which operates the Sears department stores and Kmart discount chain, has struggled financially for some time.
It announced in late December that it was closing between 100 and 120 of its stores to raise cash after a terrible holiday shopping season. And in the latest of several public blows to its image, CIT Group Inc. last week said it would stop financing loans to suppliers waiting to be paid by Sears.
Read more at: http://news.yahoo.com/sears-shares-jump-rumors-193551480.html
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