Sears, Roebuck and Co. (NYSE: S) rose 1 3/8 to 27 5/16 Monday after the venerable retailer announced a deal with French department store company Carrefour SA to form a global Internet-based venture to link retailers and suppliers. The plan, which follows a similar alliance announced Friday by the Big Three auto manufacturers, is designed to cut costs and speed up ordering. The companies plan to have the exchange operating in about a month.
Sears and Carrefour will own the majority of the venture, to be called GlobalNetXchange. Oracle Corp., which is also a partner in the auto venture, will hold a minority stake. Other retailers will also be able to buy, sell or trade goods on the exchange, the companies said.