Midday Report: Sears Rockets Higher on Amazon Deal; Materials Weigh on Wall Street
Stocks were in flux with investors hesitant to pull benchmark indexes to new records. All three indexes had closed Wednesday at all-time highs. Materials were the biggest losers, while consumer names led gains. Sherwin-Williams (SHW) - Get Sherwin-Williams Company Report was the biggest drag on materials after a disappointing quarterly performance. The paint and coating company also guided for below-consensus third-quarter earnings. Sears Holdings (SHLD) rocketed higher after sealing a deal to sell Kenmore appliances through Amazon.com (AMZN) - Get Amazon.com, Inc. Report . This marks the largest distribution network for Kenmore products outside of Sears stores. The deal sent Home Depot and Lowe's lower. T-Mobile (TMUS) - Get T-Mobile US, Inc. Report reported a jump in quarterly earnings. The telecom also added 1.3 million customers over the three-month period, its 17th consecutive quarter with growth of more than one million.
