Sears Holdings (NASDAQ:SHLD) had the S&P put the retailer’s credit rating on review for possible downgrade. S&P says the planned store closures “may do little to help its poor performance. We believe that one of the primary issues is that the company has underinvested in its stores base.”

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Anheuser-Busch InBev (NYSE:BUD) and Heineken are being probed by the Belgian government about price increases on beer after both firms cited higher costs for energy and raw materials. Authorities plan to investigate if the 5.9% increase from A-B and 6% hike from Heineken fall under unfair competition or price fixing laws.

Walgreen (NYSE:WAG) warns that the loss of a contract with Express Scripts will affect revenue, profit, and cash flow for the remainder of fiscal year 2012 in a Securities Exchange Commission filing of a 10-Q. The drugstore chain operator is working on contingency plans to moderate the down turn of business.

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Diamond Foods (NASDAQ:DMND) shares climb as SunTrust’s Bill Chappell tells CNBC that short sellers could be spooked if mid-February resolves accounting issues and DMND comes out relatively clean. Short sellers hold 45% of the company’s float. Shares jumped earlier this week on a rumor that David Einhorn had acquired a stake, which Chappell says would be a “catalyst.”

International Flavors & Fragrances (NYSE:IFF) says it’s settled all patent and non-patent claims filed against it by V. Mane Fils. The claims were related to the company’s marketing and sale of products containing monomenthyl succinate.

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To contact the reporter on this story: Tanya Harding at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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