Sears Shares Fall 5.9% On Earnings Miss (SHLD)

Shares of Sears Holdings Corporation SHLD are currently down 5.9% at $62.29 per share during Thursday afternoon trading. Today's trading range for shares of Sears Holdings Corporation has been between $62.02 and $64.44 per share. The consensus price target of analysts covering the company's stock is $62.20 per share. Volume of 1.2 million shares is already above the daily average volume of 956,000 shares. Sears Holdings Corporation (SHLD) released financial results early Thursday morning that missed Wall Street estimates. Sears Holdings Corporation reported a 3rd quarter net loss of $1.98 per share, on revenue of $9.68 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of $1.07 per share, on revenue of $9.95 billion. Interim chief executive officer and president W. Bruce Johnson said, "While Kmart improved profitability, our third quarter results were disappointing, in large part due to lower sales of apparel and appliances at Sears. Our seasonal apparel sales were down, with the unusually warm weather being a contributing factor. Additionally, during the quarter we reduced our usage of short-term borrowings as we issued $1.25 billion of 6 5/8% senior secured notes. As such, we had no borrowings outstanding on the revolver in contrast to last year's balance of $1.3 billion." Read more from Benzinga's Company news.