Sears Chairman Eddie Lampert submitted a revised bid of roughly $5 billion in a last-ditch attempt to save the retailer from liquidation. The latest attempt to save the retailer comes one day after Lampert’s initial $4.4 billion bid to save Sears was rejected by the company because it fell short covering Sears’ administrative expenses, making it “administratively insolvent.” As part of the new bid, Lampert will assume tax and vendor bills incurred since Sears’ October bankruptcy. The bid also aims to keep roughly 50,000 jobs. Should Sears accept the bid as financially viable, it will allow ESL to participate in an auction set for Jan. 14 against other buyers.
Play It Again Sam….
Toyota is the latest automaker to expand a recall of cars fitted with potentially defective Takata airbags. Toyota announced Wednesday, a new recall encompasses 1.3 million vehicles in the US and a total of 1.7 million cars globally. As with previous highly publicized Takata recalls, the propellant in the front-passenger airbag of certain Toyota and Lexus models can degrade over time. If it does, the airbag could rupture and spray metal shards when it deploys, potentially injuring or killing passengers.
For Toyota, this new recall covers the 2010-2016 4Runner, 2010-2013 Corolla, 2010-2013 Matrix, 2011-2014 Sienna and the 2010-2015 Scion xB. As for Lexus, this recall affects the 2010-2012 ES350, 2010-2017 GX460 and the 2010-2015 IS. Toyota says it will alert owners of affected vehicles by first-class mail this month.
Asia: Asia stocks slipped on Thursday a investors reacted to lower-than-expected Chinese inflation data and the end of trade talks with no deal.
Europe: European shares continued the global rally, closing higher on Wednesday as investor were feeling calm, at least for now.
U.S: U.S. markets rallied on Wednesday after the meeting notes from the Federal Reserve showed the committee will be cautious about raising rates next year. DJIA: +91.67 23,879 NASDAQ: +60.07 6,957.07 S&P: +10.55 2,584.96
Word of The Day:
A business or bank responsible for managing an individual or institutional investor’s securities portfolio. Typically for a fee, the money manager, has the fiduciary duty to choose and manage investments which are prudent for his or her clients, including developing an investment strategy, and buying and selling securities.
Dinner or Drink:
Blue Cloud Cocktail
Pour the amaretto and blue curacao into a blender. Add vanilla ice cream. Blend until smooth. Pour into a brandy snifter, and top with whipped cream. Garnish with a maraschino cherry, and serve.