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Fly News Breaks for February 9, 2016
SHLD
Feb 9, 2016 | 13:55 EDT
Evercore ISI analyst Greg Melich said the preliminary Q4 financials released by Sears showed comparable sales were worse than he expected at the flagship brand and at Kmart and that its margins were also worse than he thought. Sear's cash situation has gotten worse, making additional debt issuance more likely in 2016, Melich tells investors, adding that he believes "a liquidity event is a matter of when not if," and may be possible in 2017 at the current burn rate. The analyst keeps a Sell rating on Sears shares.
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