Canadian stocks fell, after reaching a two-year high last week, as a slump in technology and industrial shares offset a rise in gold producers while investors watched for signs the U.S. Federal Reserve will continue monetary stimulus.
Intellectual Ventures Inc., the company started by former Microsoft Corp. chief technology officer Nathan Myhrvold, wants to shift its image from patent troll to innovation facilitator, the Puget Sound Business Journal reported.
Eddie Lampert, who has been slicing off pieces of his Sears Holdings Corp. for years, is poised to break off even bigger chunks of the business as he seeks to generate cash to revive the ailing retailer.
Sears Canada Inc., the country’s second-largest department store chain, had its biggest gain in more than a year after it raised C$191 million ($188 million) from the sale of two Toronto-area stores to mall landlords.
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.
Sears Canada Inc., the largest department-store chain in the country, said it will pay a special cash dividend of C$1 ($1) a share following a partial spinoff of the company from its parent last month.
Sears Canada Inc. is betting on using its 60-year-old credit card database, the largest in the country, to create advertising for targeted customers and help return the retailer to profitability by 2014.
Sears Holdings Corp. said it agreed to buy another 18.6 million shares of Sears Canada Inc. for C$30 each from Pershing Square Capital Management LP funds, or about 17.3 percent of the outstanding shares of Sears Canada. That will give Sears Holdings 97.3 million shares of Sears Canada, or 90.4 percent.