NEW YORK (TheStreet) -- Shares of Sears (SHLD) were surging 10.91% to $12.61 on heavy trading volume early Tuesday afternoon as the company's Craftsman tool unit attracts bids from several buyers, sources say, Bloomberg reports.
Bidders for the Hoffman Estates, IL-based company's equipment unit include U.S. tool maker Stanley Black & Decker (SWK), Hong Kong's Techtronic Industries (TTNDY), privately-owned U.S. company Apex Tool and Sweden's Husqvarna.
Final bids are due by the end of October and could reach $2 billion, sources said, Bloomberg notes.
In May, Sears said it was "aggressively" exploring options for several of the department store's brands, including Craftsman tools, Kenmore appliances and DieHard batteries and shoes, according to Bloomberg.
More than 3.47 million shares of Sears stock have traded so far today vs. the 30-day average volume of about 616,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D-.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: SHLD