Sears sells legendary Craftsman brand

The markets traded mixed with the Dow dropping 42 points to 19,899. Nasdaq rose 10 points to 5,487.


Ailing department store operator Sears Holdings will close an additional 150 stores and sell its Craftsman brand of tools in order to improve its cash position. Most of the store closures will be Kmart stores with 108 scheduled to shutter their doors while 42 Sears stores will close. Stanley Black & Decker will pay a minimum of $775 million to acquire the classic tool brand that Sears created in 1927.


CES 2017 kicked-off its 50th anniversary show in Las Vegas with a keynote speech by Nvidia co-founder and chief executive officer Jen-Hsun Huang. Huang introduced the latest Android TV-based Nvidia Shield console that will support 4K HDR for gaming and streaming. For gamers whose personal computers lack a robust graphics processor, Nvidia created the GeForce Now cloud based streaming service for PC games.


President-elect Donald Trump has threatened to impose a significant border tax on Toyota vehicles that are made in Mexico but sold in the U.S. Toyota had announced in April 2015 that it would build a $1 billion Corolla manufacturing facility in Guanajuato in Central Mexico. No jobs from the U.S. will be moving to Mexico.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by 7 to 5 on Nasdaq. The broader S&P 500 index slipped a point to 2,270. Bitcoin plunged $144 to $966.


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