Sears gets new lifeline and stock soars

Sears Holdings allayed fears of an impending cash crunch amid ongoing cratering sales by announcing moves to cut costs by $1 billion, sending shares up 44% in premarket trading on Friday. For the fourth quarter, revenue plunged 16% to $6.1 billion, and net losses widened by up to $635 million from $580 million in the period last year, the company said, citing preliminary results. CEO Eddie Lampert said Friday the company intends to reduce its corporate overhead, more closely integrate operations between Sears and Kmart stores and improve its merchandising, supply chain and inventory management.