Shares of Sears Holding Corp. (NYSE: SHLD) have been taking a beating in today's action after a dismal third quarter earnings report this morning. At one point shares had dipped as much as 16%, but with an hour left to go in the session shares have moved slightly higher, only showing a 12% drop as shares are trading down $14 to $101.56.If you ask me, the stock is doing better than it probably should, considering just how poor this morning's report was. Analysts had been expecting to see the retailer show net income of 53 cents per share for its third quarter. The actual net income? ONE PENNY! It is not often that you see such a miss.
During 2007 the company showed earnings of 80 cents for its third quarter, and today's report represents the largest year over year drop in income since Sears and K-Mart merged back in 2005, and the first consecutive quarter earnings decline.
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