Sears is one of the most iconic retailers in U.S. history. The company started the mail order catalog in 1888, and grew its brand of department stores from there as it became one of the driving forces behind malls. But lately, times have been tough for Sears. The once proud retail giant has shuttered Sears and KMart stores left and right as it tries to avoid bankruptcy. Now the company is doing something it’s never done before, turning to online distribution to turn things around. But is it too little too late? Or can the deal Sears struck with Amazon right the ship?
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ELON MUSK TOUTS APPROVAL OF NEW YORK – WASHINGTON HYPERLOOP
Tech entrepreneur Elon Musk on Thursday said he had received “verbal” approval to start building an ultra-high-speed underground transport system linking New York and Washington that would cut travel time between the cities to about half an hour. He offered no details on what entity had greenlighted the project that could result in the world’s longest tunnel.
Musk, the chief executive of electric car maker Tesla Inc and rocket company SpaceX, is seeking to revolutionize transportation by sending passengers and cargo packed into pods through an intercity system of giant vacuum tubes known as the “hyperloop.”
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SEAN SPICER RESIGNS AS PRESS SECRETARY IN WHITE HOUSE COMMUNICATIONS SHAKE-UP
The White House communications operation underwent a dramatic shake-up Friday. Sean Spicer resigned as press secretary after President Trump appointed Anthony Scaramucci, a wealthy New York financier, as his communications director. Appearing on camera before the White House press corps at a televised press briefing, Scaramucci then announced Sarah Sanders, Spicer’s deputy, as the new press secretary.
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– Friday, July 21st
Markets Close Down, But Finish Week UP on Corporate Earnings
Big Insider Trades
– Facebook, Inc. (FB) CPO Christopher Cox Sells $2.6m
– Lands End, Inc (LE) a Sears Property, Sees Sears CEO Eddie Lampert Buy $2m