Sears stock swings sharply higher after WSJ report that rescue bid is still alive
Shares of Sears Holdings Corp. pulled a sharp U-turn in afternoon trade Tuesday, after The Wall Street Journal reported the Eddie Lampert's rescue bid is still alive. The stock shot up 15%, after being down as much as 50% earlier in the session, after media reports that the troubled department store chain would seek liquidation. But Sears' bankruptcy lawyer Ray Schrock said the retailer would move forward with a planned auction on Jan. 14, conditioned on Lampert providing a $121 million deposit by Wednesday afternoon, the WSJ report said. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.