Sears Holdings Corp. tumbled the most in 8 1/2 years after saying it will close as many as 120 stores, with a deeper-than-expected sales decline casting doubt on Chairman Edward Lampert’s efforts to turn around the chain.
Home Depot Inc. posted fourth- quarter profit that topped analysts’ estimates, marking six straight years of meeting or exceeding projections, as the U.S. housing rebound spurs spending on renovations.
Shares of Home Depot Inc. and Lowe’s Cos. -- the two largest U.S. home-improvement retailers -- are trading at the highest level in more than 10 years relative to the broader market amid signs the housing recovery is gaining momentum.
Mark Cohen, who teaches at Columbia University’s business school in New York, is a former chairman and chief executive officer of Sears Canada. Don’t get him started on Eddie Lampert, the chief executive officer and majority owner of Sears Holdings Corp.