Sears bankruptcy fears resurface
Concerns that Sears is heading toward bankruptcy have been reignited, according to CNBC. Company shares fell 15 percent in trading on Wednesday morning to below $8. The tumble came hours after the struggling department store expressed doubt about its future as a retailer. Sears has been closing stores, selling off assets and borrowing money from CEO Eddie Lampert in order to survive.
Home sales fall from 10-year high
Reuters reports that sales of existing home fell more than expected in February amid a shortage of houses on the market that is pushing prices up and sidelining potential buyers. The National Association of Realtors said on Wednesday that home resales declined 3.7 percent, while economists polled by Reuters had forecast only a 2 percent drop. This is in contrast to solid January sales, the highest since February 2007.
Oil prices slide below $50 a barrel
Oil prices slid to almost four-month lows on Wednesday, with Brent crude briefly touching prices below $50 a barrel. The dip came after data showed that U.S. crude inventories are rising faster than expected, piling pressure on OPEC to extend output cuts beyond their agreed June deadline. The U.S. Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels last week, far outpacing forecasts of a 2.8 million rise. The price drop allowed the oil benchmarks to touch their lowest points since Nov. 30, according to Reuters.
Starbucks plans a hiring spree
CNNMoney reports that Starbucks plans to hire 240,000 more people globally by 2021, including 68,000 in the United States. The iconic coffee company announced its plans at its annual shareholders meeting on Wednesday. The hiring spree comes at a time where the company is trying to expand its presence at home in the U.S. and abroad. The mermaid logo-ed coffee house is currently opening one store per day in China, recently entered the Italian market and plans to add 12,000 new stores worldwide over the next four years.