Sears Shares Lower Despite Narrower Q1 Loss

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Sears Holding Corp (NASDAQ: SHLD) shares were trading lower by $1.10 93 percent) at $39.64 in Monday's session. The beleaguered retailer posted a narrower than expected Q1 loss for EPS, but missed on revenue.

The issue was bouyed in pre-market trading, which carried over into the open by the announcement that the company expects over $3 billion in proceeds from it upcoming REIT transaction.

After a higher open ($42.15 vs. Friday's close of $40.74), it immediately peaked at $42.25 and began to move lower. So far, it has reached $38.94, before rebounding back over $39.00.

The current low coincides with a trio of lows from $38.78 to $38.97 in late April.

Today's decline is taking place on heavier than average volume. With three hours remaining in the session, it has traded 1.14 million shares compared with 20-day average of 561,000.