NEW YORK (
) -- Shares of appliance manufacturer
sold off Tuesday after struggling retailer
reported declining same-store sales for the holiday shopping season and said it plans to close up to
Sears said same-store sales at its U.S. namesake stores were down 6% for the eight weeks ended Dec. 25 and attributed the decline to weakness in the consumer electronics and home appliances product categories.
The news is pressuring the appliance maker with Whirlpool shares down 6.5% to $47.85 in midday action on volume of 1.6 million. Year-to-date,, the stock has lost more than 40%. Sidoti also downgraded Whirlpool to neutral from buy on Tuesday.
Sentiment on Whirlpool was bearish already with five of the six analysts covering the stock at either hold (4) or underperform (1).
The disappointing sales news from Sears comes as
. Earlier in the session, the stock scraped a 52-week low of $34.85.
Whirlpool is slated to report its fiscal fourth-quarter results on Jan. 30 with the average estimate of analysts polled by
calling for a profit of $2.05 a share in the December-ended period on revenue of $4.96 billion.
Last quarter, Whirlpool posted a profit of $2.35 a share, missing the consensus view of $2.68 a share. The company cited slowing global demand and elevated material costs for the shortfall, and announced plans to cut its workforce by 5,000.
Whirlpool shares hit a low of $47.52 during Tuesday's trading, holding above their Dec. 19 52-week low of $45.22.
Interested in more on Whirlpool? See TheStreet Ratings' report card for this stock
Written by Alexandra Zendrian in New York
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