What in the world is the stock market thinking right now when it comes to Sears Holdings Corp. (SHLD) .
After rising 6.9% on Thursday in response to earnings, shares of the struggling owner of Sears and Kmart have rallied another 17% to $9.37 on Friday. While the advances likely reflect adjusted fourth quarter losses at both the Sears and Kmart chains that were less severe than last year, Wall Street may not want to overlook Sears' current state.
The former icon of malls across America reported a fourth quarter adjusted loss of $137 million, or $1.28 a share. A year ago, the company delivered an adjusted loss of $181 million, or $1.70 a share.
Despite the brutal results, Sears chairman and CEO Eddie Lampert seemed to be in good spirits.
"We delivered significant Adjusted EBITDA improvement in the fourth quarter, reflecting our firm focus on profitability to offset ongoing revenue pressures. Building on this positive momentum, we are taking decisive actions to become a more agile and competitive retailer with a clear path toward profitability," Lampert said.
TheStreet serves up a reminder to the bulls of the must-know numbers from Sears dreadful year.
Updated from Mar. 9 with new details.