Photo: AP / Charlie Riedel

Sears Holdings, parent company of Sears and Kmart, posted a better-than-expected loss of $558 million in the third quarter. Investors initially cheered the news, sending the company's stock soaring as much as 30% higher in pre-market trading, though those gains were wiped out by early Thursday afternoon.

Why it matters: Even as it lost less money than analysts expected, Sears financial situation is dire. "Whichever way you cut them, the fundamental economics of the business do not add up," GlobalData Retail Managing Director Neil Saunders tells CNBC. "Nothing in this latest set of results changes our view."

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Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:15 p.m. ET: 32,381,243 — Total deaths: 985,104 — Total recoveries: 22,285,437Map.
  2. U.S.: Total confirmed cases as of 4:15 p.m ET: 7,015,242 — Total deaths: 203,329 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

White House pushes to uphold TikTok ban

Illustration: Aïda Amer/Axios

The U.S. Department of Justice on Friday filed legal opposition to TikTok's request to delay a ban on downloading the app, with a judge expected to rule before the ban is set to go into effect Sunday.

Why it matters: The White House could have simply postponed the ban on its own for another week or two, as it did last Friday. This move suggests it's seeking to use the ban as leverage in ongoing negotiations.

2 hours ago - Podcasts

Substack and the future of media

Traditional media models, and even some of the digital ones, are either under pressure or outright broken. Some journalists have responded by going out on their own, leveraging a new group of startups that help them self-publish and monetize their work.

Axios Re:Cap digs in with Chris Best, CEO of Substack, which has more than 250,000 paying subscribers on its writer network.

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