Sears (OTC:SHLDQ) reported second-quarter earnings this morning. Expectations were generally low for the struggling retailer, but Sears couldn't even meet those. Shares are trading down as much as 8.5%. 

Sears missed analysts' consensus estimates on earnings per share and revenue. Additionally, comparable-store sales were down 1.5% from the year-ago period, merely the latest figure in a string of disappointing results from the company. The retail sector generally has had a mixed quarter, and companies like Kohl's and Wal-Mart have issued downbeat guidance going forward, which suggests the pain isn't likely to end soon. 

Sears stock is down 4% year to date, compared to double-digit rises in the S&P 500 and the Dow. Is Sears unjustly cheap, or is Mr. Market right about this stock? Motley Fool analyst David Hanson cautions against assuming Sears could be a good candidate for a value play. Given how unwavering Sears' decline has been, it doesn't look like the most promising buy-and-hold candidate.