Sears to close 120 stores

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Source: Marketwatch

Retail chain operator Sears Holding Corp. announced it will close around 120 stores and alerted of harsh drop in earnings measure. After the announcement shares of Sears Holding Corp. plunged 17.67% to $37.75 per share. Company plans to generate cash of $140 million to $170 million from sales of locations and inventory. Sears currently operates about 4000 stores in the US and Canada.

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Tue, 27 Dec 2011 15:10:20 GMT

US home prices lost 1.2% in October

US home prices decreased by 1.2% in October, indicating 3.4% drop on a yearly basis. 19 out of 20 cities registered price decline with decrease in S&P/Case-Shiller 20-city composite home price index by 32.1% from its record in 2006.

Tue, 27 Dec 2011 14:26:20 GMT

Nikkei 225 closes lower on Tuesday

Japan's Nikkei 225 Stock Average traded 0.46% or 38.78 points down and closed at 8,440.56 on Tuesday amid investor worries about China's economic outlook. On the downside were Retailer Takashimaya Co Ltd and giving up 3.61% and civil engineering producer Furukawa Co Ltd dropping 3.08%. Among best performers were heavy machinery producer IHI Corp gaining 3.37% and Sumitomo Chemical Co Ltd adding 2.89%. 

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