Shares of Sears Holdings Corp. fell more than 8 percent in early trading after the retailer warned that fourth-quarter earnings could be less than half of last year’s. The company expects earnings in the range of $2.59 to $3.48 a diluted share, compared with last year’s $5.33 a share.

The stock fell to $86.04, a new 52-week low, before rebounding slightly to $88.80.

Meanwhile, retail shares were mixed in early-session activity as IBM said fourth-quarter earnings will be higher than expected.

The Dow Jones Industrial Average was up 0.9 percent to 12,721.73, while the broader S&P 500 was up 0.6 percent to 1,410.10. The S&P Retail Index was down 0.05 percent to 366.11. Since early November the Retail Index has lost almost 18 percent.

For more, see Tuesday’s issue of WWD.

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