The markets retreated during the midday with the Dow tumbling 79 points to 24,383. Nasdaq dropped 37 points to 7108.
Sears chief executive Edward Lampert has offered to buy the Kenmore appliance brand from the struggling retailer. Lambert's ESL Investments hedge fund is also willing to acquire the home improvement business of the Sears Home Services division and the Parts Direct business in order to create a leaner Sears retail business. Sears posted a loss of $383 million in 2017 and has reported losses totaling more than $10.8 billion since 2010.
Amazon is reportedly developing a robot for the home. The Vesta will be equipped with advanced cameras and software in order to navigate through homes and perform domestic chores. The robots will be tested by employees in their homes this year.
Privately owned SmugMug has acquired photo sharing community Flickr. Flickr was created in 2004 and bought by Yahoo a year later in 2005 while SmugMug was founded in 2002 and has remained independent. Flickr still boasts more than 75 million registered users and over 100 million unique users posting tens of billion of photos.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 lost 5 points to 2,664. Bitcoin slipped $15 to $8,901.