SECURITIES

CalPERS Votes Against Sears’ Board: The California Public Employees’ Retirement System said it voted its huge block of stock against reelecting Sears Roebuck & Co. directors, a move analysts said may lead other shareholders to join in. CalPERS said it had cast its 1,972,600 shares, about 0.6% of Sears, against the directors who are up for reelection at the company’s May 14 annual meeting. Dale Hanson, CalPERS’ chief executive, said: “Sears’ continual poor performance, and the board’s obvious reluctance to insist that CEO (Edward) Brennan make the changes necessary to save this company, compelled us to express our displeasure in some tangible way.”