Sears Canada Inc (NASDAQ: SRSC) is having an overwhelmingly strong day in the market. Since the opening bell, the stock has been headed upward and has experienced volatility halt after volatility halt as a result. At the moment (11:37), SRSC is trading at $1.75 per share after a gain of $1.19 per share or 212.50% thus far today.
Why SRSC Is Climbing
To be honest with you folks, your guess is as good as mine. The truth is that Sears Canada isn’t in the best of places right now. Earlier this week, news broke that the stock would be delisted from the NASDAQ. On top of that, back on June 22nd, the company filed bankruptcy in Canada. At the moment, no new news seems to be surfacing on the stock, but it is trading on massive highs and massive volume.
At this point, it’s only possible to speculate, given the fact that there’s no recent news offered by the company. However, I wouldn’t be surprised if the news happens to be a takeover. At the end of the day, retail takeovers are a hot ticket right now, and with a little care, SRSC could be a great asset for one of the big boys like Walmart or Amazon to have. Nonetheless, that’s just speculation as there’s no news of any takeover out there at the moment.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SRSC. In particular, we’re interested in learning more about just what is going on here. If you hear it before us, please do share your thoughts in the comments below! Nonetheless, we’ll continue to follow the story and bring the news to you as soon as we can dig it up!
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