Obits piling up on Sears Holdings

|About: Sears Holdings Corporation (SHLD)|By:, SA News Editor

Analysts are busy piling on Sears Holdings (SHLD +0.6%) after the company issued a lackluster report on Q1.

Credit Suisse's Gary Balter notes the meltdown in sales and margins at the company would have been even worse if the Sears Canada units which are now sold are stripped out and two months of contributions from Lands' End were also excluded.

In his report titled "Running Out of Fingers to Stop the Leaking" Balter crunches a few numbers to show a negative equity value for SHLD can be extrapolated.

CS sees a +40% sell-off in shares to put Sears Holdings near the $20 level.