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Sears stock jumps on turnaround plans

Elise Amendola/AP

Sears surged more than 50% in pre-market trading after the company announced plans to radically cut costs. The stock has since pulled back, and is up roughly 25% after the market open.

Sears announced the sale of a handful of stores and an agreement to sell more real estate in order to raise $1 billion in cash, as well as a plan to reduce debt and pension obligations by $1.5 billion.