|Bid||3.57 x 3200|
|Ask||3.67 x 3000|
|Day's Range||3.31 - 3.60|
|52 Week Range||1.99 - 10.76|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Online retailers are on the verge of dethroning another American staple. Sears has not only decided to close a number of its stores, but the closures have also created a 175,000-employee layoff with more job loss on the way.
Last Thursday Macy's beat quarterly sales and earnings expectations and many on Wall Street promptly lost their mind. Same story with Dillard's. Then Kohl’s followed up earlier this week with a similarly surprising upside report that led some to conclude that maybe, just maybe, the long-beleaguered department store sector might be seeing a resurgence or—dare we say it out loud?—the beginning of a renaissance. To be sure, both Macy's and Kohl's sales and profits were much improved over last year.
Earlier this year, Seritage's management hinted that forming joint ventures for its best real estate would be a priority beginning in 2018. Following an initial deal in March, Seritage announced two more joint ventures this week.
The deal has paid down 22% since Moody's last review. The ratings on the P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. Moody's rating action reflects a base expected loss of 45% of the current pooled balance, compared to 42% at Moody's last review.
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day 16 years ago, Netflix, Inc. (NASDAQ: NFLX ) went public. Where The Market ...
Let’s say Company X is in bad shape: It has a lot of debt, its business isn’t doing great, and it is running out of cash. Hedge Fund Y notices that Company X CDS is expensive and starts selling a bunch of it. People keep giving it $40 to insure $100 worth of debt for one year, which they think is a good trade because Company X is in such bad shape.
After Macy’s Inc (NYSE:M) stock rallied in the wake of its stronger-than-expected first quarter results, multiple analysts were bearish on the shares, saying that Macy’s stock probably can’t advance much further going forward. For example, Citi’s Paul Lejuez wrote that Macy’s first quarter results were “as good as it gets” and kept a “Sell” rating on Macy’s stock. As I reported in a previous column, in June 2017, The Wall Street Journal noted that 9% of Macy’s “customers account for 46% of its annual sales.” Macy’s results indicate that those customers have remained quite loyal and are visiting the retailer’s stores even more often.
The closing will leave the Lihue Kmart on Kauai as Sears Holdings Corp.’s (Nasdaq: SHLD) sole Hawaii store under the Kmart brand.
Earlier this morning, Lowe’s Companies, Inc. (LOW) announced that it was hiring J C Penny Company Inc.’s (JCP) CEO Marvin R. Ellison as its President and CEO, effective July 2. While many investors may immediately write this hire off, since JC Penney is running neck and neck with Sears (SHLD) for least favorite retail stock, this is actually a very good hire for Lowe’s, because before Mr. Ellison decided to try and save JC Penney from late 2014 until now, he worked for Home Depot Inc. (HD) for 12 years from 2002 to 2014. Frankly, I am not sure anyone could have saved JC Penney. The highest position Mr. Ellison held at Home Depot was Executive Vice President of U.S. Stores, and he was one of the frontrunners to take over as CEO following Frank Blake’s retirement, but Craig Menear ended up getting the job. So we view this as a positive for Lowe’s, despite the negative reaction in the stock (down 1% after being up).
J.C. Penney stock has plunged nearly 20% since the company released a worse-than-expected first-quarter earnings report. However, investors may be underestimating the retailer's longer-term prospects.
For the past two years, credit-derivatives traders have been betting almost certain odds that Sears Holdings Corp. will default on its debt. Now, those wagers are being turned upside down by a complex proposal from the retailer’s biggest shareholder. Eddie Lampert’s ESL Investment Inc., the hedge fund that owns the most Sears shares, last month urged the retailer to sell some of its businesses, and said it would look to buy them.
It used to be, you could buy Sears brands only through Sears. The latest Sears asset to be sold elsewhere is toolmaker Craftsman, now at Lowe's Companies Inc. , which bought the rights to the brand from Sears last year for $525 million in cash upfront, plus other payments extending through 2032.
Sears Holdings Corp (NASDAQ:SHLD) announced that the company is shuttering the doors of at least 40 more stores in the coming months. The retail chain announced that it will be closing 40 Sears and Kmart stores in July and August, according to a Business Insider report from May 19. The company has yet to comment on the matter, which includes 31 Sears locations and nine Kmart stores that will be closing in 24 states.
It spent nearly two years carving support at the 200-day exponential moving average (EMA) in the $30s, finally turning higher in November 2017, and has now posted a higher low at the 50-day EMA. This bullish action sets the stage for testing at major resistance between $49 and $52. Rallies failed at the bottom of that resistance zone in 2015, 2016 and January 2018, so bears are likely to force another reversal, using weakness near the round number $50 and the 2015 high at $51.25 to reload positions.
Citi Retail Services and Sears Holdings Inc. said Monday they are extending their 15-year, co-brand and private label credit card program and making changes to the rewards program. Cardholders will now get 5% back in points on eligible purchases made at gas stations, will get 3% back in points on eligible purchases at grocery stores and restaurants and 2% back in points on eligible purchases made at Sears and Kmart, among other changes. As part of the agreement, Sears will receive $425 million from Citi, $400 million of which has already been received.
Lowe's has started carrying a collection of Craftsman tools and accessories, with more on the way. That's bad news for Sears Holdings, which still earns a tidy profit selling Craftsman products.