Shares of Sears Holdings Corp. surged almost 13 percent in morning trading. The company announced it reached a $270 million deal to sell 11 stores to General Growth Properties Inc. .
Target Corp. shares edged higher after reporting fourth quarter income of $981 million ($1.45 per share), compared to $1 billion ($1.45 per share) a year earlier. The retailer projects adjusted earnings of $4.55 to $4.75 for the coming year, compared to estimates of $4.28.
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Kohl’s Corp. shares dropped 3.2 percent in early trading. The company reported a profit of $455 million for the latest quarter, down from $494 million a year earlier. Gross margin also decreased from 36.8 percent to 36.2 percent.
Despite reporting a 76 percent drop in net income, shares of Officemax Inc. popped 2.9 percent. “Sales trends improved in the fourth quarter but remain soft,” CFO Bruce Besanko said in a statement. “Consequently, we will continue to streamline our cost structure, enabling us to make strategic investments in initiatives that will jump start growth.”
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Shares of Royal Bank of Scotland jumped 4.2 percent this morning. Britain’s largest government-controlled lender reported it slashed investment banker pay by 26 percent for 2011. “The noise around RBS is damaging,” Chief Executive Officer Stephen Hester said on a conference call. “In the last three years we have overcome the effects of this noise. We will try to keep doing that but no one should be under any illusions that you can have your cake and eat it.”
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To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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