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Sears Holdings Corp. shares sank 15.4% in Wednesday premarket trading after the struggling retailer warned that it has “substantial doubt” that it would be able to “continue as a going concern” if its turnaround plan failed. Sears announced a $1 billion restructuring effort in February that includes staff cuts and store closures. In its 10-K filed Tuesday, it said it is also exploring options with its remaining assets, including the Home Services business and the Kenmore and DieHard brands. “We believe that the actions discussed above are probable of occurring and mitigating the substantial doubt raised by our historical operating results and satisfying our estimated liquidity needs 12 months from the issuance of the financial statements,” the company said. “However, we cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.” Sears reported outstanding borrowings of $4.2 billion as of Jan. 28, 2017, up from $2.98 billion last year. Sears shares are down 38.6% for the past year while the S&P 500 index is up 14.4% for the period.

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Sequential Brands Group Inc. said Chief Executive Yehuda Shmidman will step down from that position after about five years with the company. Shmidman is also stepping from the board of directors. The consumer brands company, which brands include Martha Stewart, Jessica Simpson and Avia, named Karen Murray as its new CEO, and appointed her to serve as a director. Murray was most recently president of VF Corp.’s VF Sportswear subsidiary, which brands included Nautica and Kipling. Sequential Brands’ stock, which was still inactive in premarket trade, has tumbled 20% year to date, while the S&P 500 has gained 4.7%.

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Shares of Nike Inc. dropped $2.46, or 4.2%, in premarket trade Wednesday, after the athletic apparel and accessories maker provided a tepid outlook as it reported fiscal third-quarter results. The price decline would be in line to shave about 17 points off the price of the Dow Jones Industrial Average , or about 44% of the 39-point drop in Dow futures in recent trade. Nike’s stock has climbed $7.18, or 14%, year to date through Tuesday, which added about 49 points to the Dow. The Dow has gained 905 points, or 4.6%, so far this year.

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Winnebago Industries Inc. reported fiscal second-quarter earnings that rose to $15.3 million, or 48 cents a share, from $9.4 million, or 35 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of 44 cents. Revenue increased 64% to $370.5 million from $225.7 million, boosted by the inclusion of sales from the recently purchased Grand Design. That exceeded the FactSet consensus of $338.4 million. The recreational vehicle seller said motorized revenue for the quarter to Feb. 25 fell 3% to $198.9 million, as a 5.2% decline in average selling prices offset a 3.6% rise in unit deliveries. Towable revenue rose 14% to $171.6 million. The stock, which was still inactive in premarket trade, has dropped 12% year to date, while the S&P 500 has gained 4.7%.

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Philip Morris International Inc. said Wednesday it has invested about 300 million euro, or the U.S. dollar equivalent of about $323.7 million, to convert a cigarette factory in Greece to a plant to make tobacco sticks for its smoke-free product IQOS. Philip Morris expects the investment to create 400 new jobs in Papastratos, in addition to the 800 people the factory had already employed. Production is expected to begin in January 2018, and the company expects the plant to have an annual capacity of 20 billion tobacco sticks. “This investment is further evidence of our progress towards a smoke-free future,” said Frederic de Wilde, regional president for the European Union at Philip Morris. “We are encouraged by the 1.4 million smokers who have already switched to IQOS around the world, and we expect this momentum to continue.” The stock, which is still inactive in premarket trade, has rallied 24% year to date while the S&P 500 has gained 4.7%.

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Dutch bank ING disclosed in its annual report published last week that it is a target of a criminal investigation into money laundering and corruption that could result in significant fines. The company on Wednesday was not confirming on record a report in Dutch newspaper Het Financieele Dagblad that linked the investigation to a case that prosecutors said allegedly involved bribes paid to the daughter of the former president of Uzbekistan by several telecommunications companies, including Amsterdam-based Vimpelcom. That press report cited a Dutch prosecution spokeswoman, according to Reuters. ING said in its annual report that it had also received requests for information from U.S. authorities and is cooperating. ING’s ADRs were trading down over 5% in U.S. premarket trading.

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Shares of Dutch paints and chemicals giant Akzo Nobel NV lost 2.4% in early Wednesday trade after the company rejected a second takeover offer from PPG Industries Inc. . U.S. coatings major PPG had offered to buy Akzo Nobel for 88.72 euros a share, up from the first offer of €83 a share. “This proposal significantly fails to recognize the value of Akzo Nobel. Our boards do not believe it is in the best interest of Akzo Nobel’s stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously,” said the company’s chief executive Ton Büchner in a statement.

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From:: Stock Market News