Services Sector Review: Big Box Stores’ Mobile Pay Plans, Wynn Land Contract

Sears Holdings Corp. (NASDAQ:SHLD): Sears Canada will return to commercial real estate developer and landlord, The Cadillac Fairview Corporation Limited three stores within shopping centers the developer owns and manages, for a total consideration of $170M. The agreement is definitive and only subject to customary closing conditions. The transaction is expected to close on or around April 20. The three Sears store locations are Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre. Sears plans to exit all three locations by October 31.
The shares closed at $75.96, up $6.72, or 9.71%, on the day. Its market capitalization is $8.07 billion.
Overstock.com, Inc. (NASDAQ:OSTK): Overstock.com said, “We believe our revenues were adversely impacted during the first and second quarters when Google Inc. notified us that it was penalizing us in natural search results for noncompliance with some of Google’s natural search guidelines. During this penalty period, we dropped significantly in some Google natural search result rankings. We made changes to conform to Google’s guidelines and on April 21, 2011 Google ended its penalization of our natural search results. We were able to offset some of the negative impact to revenue by increasing expenditures in other marketing channels.”
The shares closed at $6.11, down $0.77, or 11.19%, on the day. Its market capitalization is $142.22 million.
Wynn Resorts, Limited (NASDAQ:WYNN): Wynn Resorts (NASDAQ:WYNN) disclosed earlier today that a land concession contract was published in the official gazette of Macau. Effective from such publication date, Palo Real Estate Company will lease the Cotai Land from the Macau Government for an initial term of 25 years with the right to renew the land concession contract for additional successive periods, subject to applicable legislation. The land concession Contract also requires that Wynn Macau operate and manage gaming operations on the Cotai Land. Shares of Wynn Resorts are currently halted after jumping 6% to $129.78 in early trading.
The shares closed at $127.27, up $5.21, or 4.27%, on the day. Its market capitalization is $15.90 billion.
Google Inc (NASDAQ:GOOG): Wal-Mart Stores (NYSE:WMT), Target (NYSE:TGT) and about 20 other retailers are working together to develop a mobile-payments system to compete with Google (NASDAQ:GOOG) and major cellphone companies, sources say, the Wall Street Journal reports.
The shares closed at $621.25, down $1.15, or 0.18%, on the day. Its market capitalization is $201.99 billion.
AT&T Inc. (NYSE:T): A summary of media and analyst reports about Apple’s (NASDAQ:AAPL) planned TV point to a device with an innovative design that will cost more than current televisions, featuring a content delivery and subscription model that will upend the cable and TV content industries in the way iTunes disrupted the music industry, Business Insider says in a wrap-up that leans heavily on the work of Gene Munster and Claire Atkinson.
The shares closed at $30.87, up $0.24, or 0.78%, on the day. Its market capitalization is $183.02 billion.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.

To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com