NEW YORK, NY / ACCESSWIRE / June 13, 2018 / Sears shares got a much needed burst in trading price on Tuesday after announcing an expansion of its partnership with Amazon and its Auto Centers. Shares of Overstock.com also saw an increase despite any catalyst explaining the gains.
RDI Initiates Coverage on:
Sears Holdings Corporation
Sears Holdings Corporation shares closed up 1.66% on about 3.3 million shares traded yesterday. The struggling retailer saw its shares pop after announcing that it has expanded its partnership with Amazon.com and its auto centers. Sears and Amazon have a partnership where tires purchased on Amazon's e-commerce site can be shipped and installed at select Auto Centers across the U.S. Before Tuesday's announcement, the company had 47 stores involved in the partnership but now has added another 71 to bring the total to 118. Sear's Automotive VP Mike McCarthy commented, "Amazon customer reviews have been very positive and we are two months ahead of schedule." According to McCarthy, customers have also been adding oil changes as well as other services when they get their tires installed. Sears shares are still down more than 65% for the last year.
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Overstock.com, Inc. shares closed up 8.09% on about 2 million shares traded on Tuesday. The was no particular news to explain the jump in share price. It was last month that the retailer was named the winner of the 2018 Appy Award for best retail mobile app at a ceremony held on May 15. Senior Vice President of Engineering and Product for the company, Amit Goyal, remarked at the time, "Our mobile app is a great example of how Overstock continues to provide our customers with the best possible shopping experience based on user-friendly cutting-edge technology. I couldn’t be prouder of the recognition that our mobile apps team has earned for their hard work in producing the best shopping app on the market today." It was in May that the stock dropped about 12% after reporting first quarter results that did not impress Wall Street early in the month. The company's CEO Patrick Byrne and his team are expecting sales growth rates to improve over the next few quarters.
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