Markets

Sector Update: Consumer

Consumer stocks were ending mixed this afternoon with shares of consumer staples companies in the S&P 500 holding on to a 0.2% gain. Shares of consumer discretionary firms in the S&P 500 were down about 0.3%.

In company news, shares of Sears Holdings Corp ( SHLD ) climbed to their best levels since last December when the department-store chain said it may sell up to 300 of its stores to a real estate investment trust.

SHLD shares were more than 32% higher this afternoon at $3.17 apiece, earlier climbing as high as $48.20 a share.

According to the company, it could sell between 200 to 300 of its stores to a newly formed REIT, which would then lease the properties back to the company. SHLD shareholders would be offered rights to buy shares in the REIT in proportion to their current ownership levels.

SHLD has been scrambling to raise cash to build inventory for the holiday shopping season and to ease suppliers' worries over its financial health. The company last month announced plans to raise as much as $625 million through an unsecured loan and equity warrants, much of which would be purchased by CEO Eddie Lampert's fund.

In other sector news,

(+) ZA, Company says it does not comment on market activity or market rumors, adding it is not aware of any material corporate developments that could account for any unusual trading activity.

(-) STAY, Q3 adjusted EPS of $0.29 trail Capital IQ consensus by $0.05 per share. Revenue climbs 9.9% year over year to $338.6 mln, lagging estimates by around $5.23 mln. Projects FY14 revenue under Street view.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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