Market Preview: The Trend Turns Ugly
The stock was last quoted at $9.37, down 2%, on extended volume of 1.97 million, according to Nasdaq.com.
Sears Holdings (SHLD) was also slumping after the close as the department store operator reported a loss of $498 million, or $4.70 a share, on revenue of $8.86 billion, wider than its year-ago equivalent loss of $421 million, or $3.95 a share, on revenue of $9.41 billion. Shares were down 7.3% at $54.20 on volume of nearly 81,000.
Also making a splash late Thursday was Starbucks (SBUX), which announced a big fat boost to its buyback program. The coffee giant said its board has approved an authorization to repurchase an additional 25 million common shares. That's on top of the 12.1 million shares left on its previous buyback approval.
The news comes hot on the heels of Starbucks announcing a deal to shell out $620 million for Teavana Holdings (TEA) on Wednesday. Starbucks' shares edged up less than 1% after the close.--Written by Michael Baron in New York.
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