It is "crucial" for Sears Canada (SRSCQ) to start its liquidation sales at its stores on Friday in order to "maximize" benefits for shareholders, the struggling retailer told a judge on Tuesday, the Financial Post reports.
The liquidations would only occur in stores that have been selected to be closed. If the Ontario Superior Court judge approves Sears Canada's request the sales will begin on July 21 and run no later than Oct. 12.
Additionally, Sears Canada is planning to cut jobs and close more stores as its restructures operations. The company plans to close 59 of its 225 stores and cut 2,900 of its 17,000 workers, the Financial Post noted.
What's Hot On TheStreet
Netflix is so impressive: By trouncing quarterly subscriber estimates and issuing solid guidance, Netflix Inc. (NFLX) - Get Report did much to put to rest fears that its stock had gotten ahead of itself following a 31% rise so far in 2017, TheStreet's Eric Jhonsa says. The streaming giant also showed that it has reached a point where its sheer scale provides a competitive edge that makes it hard for even deep-pocketed tech and media rivals to slow it down, Jhonsa adds.
Overall, Netflix is an unstoppable beast because millennials like watching movies on the couch.
Tesla is bizarre: Tesla Inc. (TSLA) - Get Report is adding two new executives from major media corporations to its board of directors after investors urged the electric carmaker to add members without close ties to CEO Elon Musk, TheStreet reports.
James Rupert Murdoch, the CEO of Twenty-First Century Fox Inc. (FOXA) - Get Report , and Linda Johnson Rice, the chairman of Johnson Publishing Co., will join Tesla's board, according to a company blog post.
Though the new board members are indeed independent, according to BoardEx, a relationship mapping service of TheStreet Inc., they lack experience in the car industry and have loose ties to the technology industry at best. Seeing as Tesla is burning through cash at a startling pace and is undergoing a Model 3 production ramp, adding experienced car or tech people to the board would have seemed like a better idea.
Meanwhile, Musk now apparently doesn't think his stock is overvalued after TheStreet called him out on his comments over the weekend.
Vicious downgrade on one hot tech stock: Barclays downgraded Advanced Micro Devices (AMD) - Get Report to a price target of $9 on Tuesday TheStreet reports, giving it a rating of underweight from equal weight, saying that the valuation was pricing in a high degree of success but there is little evidence of share gains.
Barclays analyst Blayne Curtis predicted the stock would crash 35% from current levels. Since the beginning of June, shares of AMD have gained 23.5%, while Nvidia (NVDA) - Get Report has risen almost 14%, on the back of a surge in demand for GPUs used to mine an alternative cryptocurrency called Ethereum (the units are known as Ether), TheStreet's Annie Palmer reports. A wave of bullish reports have come out since then saying that the boost in cryptocurrency mining demand could help Nvidia and AMD rise above a seasonally weaker fiscal second quarter, among other benefits.
But thanks to a steep drop in the prices of cryptocurrencies, the benefits may already be priced into the current quarter, with little left to gain thereafter, according to analysts.
Deutsche Bank analyst Sherri Scribner said expectations for Apple are too high, warning investors that they might be disappointed with iPhone sales growth in 2018 and 2019.
A market overly optimistic on future sales is "ignoring the fundamental challenges Apple faces in the smartphone market," Scribner wrote. Those challenges include saturation due to elongated refresh cycles, declining share, increased Chinese competition and a growing secondary market.
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