Sears' Raised Guidance Sends Short Scrambling For Cover

Sears Holdings Corp SHLD shares are trading higher by $1.74 (30 percent) at $7.28 in Friday's session.

The catalyst for the 31 percent rally is raised guidance for Q4 and FY2016 revenues. The company plans to reduce outstanding debt and pension obligations by at least $1.5 billion.

The issue ended Thursday's session bearing on a trio of lows at the $5.50 area, closing just above that at $5.54.That had the issue back at levels not seen since August 2003, when it bottomed at $5.64.

As it turns out, the issue peaked in the first minute of the session at $7.75 and began to move lower. That marks the highest level since the issue peaked on January 27 at $8.08. It continued to make new lows for the session, so far reaching $6.94 and has rebounded back into the $7.00 handle.