Sears' second-largest shareholder has sold off more than 700,000 shares this month. The SEC says, Bruce Berkowitz's Fairholme Capital has sold 706,600 Sears shares reducing its ownership to 27.3 million shares. Sears stock has fallen 16% so far this year, and is down 53% over the past 12 months. (CNBC)
As they try to figure out life after Costco, American Express has developed a plan to generate more revenue from existing customers, by getting more merchants to accept its cards and encouraging shoppers to spend more with Amex rather than other cards. (WSJ)
The U.S. Securities and Exchange Commission is suing the Lake Oswego company Aequitas Capital and its leaders for running a $350 million Ponzi scheme. The SEC claims Aequitas defrauded over 1,500 investors selling them health care, education and transportation-related investments, when their money was really being used in a last-ditch effort to save the firm. (Oregon Live)
Join us this weekend for Financial Focus Radio, the truth in wealth building when we will talk about what negative interest rates really mean.
Oil is up 75 cents at $38.75 a barrel.
Gold is down $5 at $1268 a Troy ounce.