Bluelight Special: Shares of Kmart
Attention Kmart shoppers: You can now buy the company’s stock directly from its Internet site rather than from a broker.
The Troy, Mich.-based company said Tuesday that it has partnered with StockPower Inc., an online direct investing company, to offer shares of Kmart common stock (ticker symbol: KM) on the retail giant’s recently launched e-commerce site, https://www.bluelight.com.
No wonder the company is looking to make it easier for investors to buy: The stock’s continuing slump has left it just above its multiyear low of $8.25. The price edged up 38 cents to $8.69 on Tuesday on the New York Stock Exchange. The 52-week high: $18.63.
New investors must make an initial minimum purchase of $250 and pay a one-time $5 fee. Investors can purchase up to $100,000 in stock each year.
The move is part of a growing trend: Hundreds of companies now sell their stock directly to investors, including the first shares, although most do not offer the service online. Though Kmart’s fees will be lower than brokerage commissions, some other companies’ direct-purchase plans charge even less.
