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By BLOOMBERG NEWS
The Sears Holdings Corporation, the biggest United States department store company,
said yesterday that it planned to buy back $1.5 billion in stock.
Sears also said second-quarter profit dropped as much as 42 percent, within analysts
reduced forecasts, after it cut prices on seasonal clothing.
The stock gained $7.45, or 5.6 percent, to $140.55.
Sears has already spent $3 billion on stock since 2005. Sales have declined at both the
Sears and Kmart stores since the companys chairman, Edward S. Lampert, combined
them in 2005.
Mr. Lampert has said Sears may buy other companies and may pursue targets
outside the retailing industry.
He hasnt found anything yet that he wants to buy, so why not invest in his own