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Can Office Depot Find a New Buyer?
Retail ETF on track for biggest daily drop in 4 weeks as Priceline's stock slumps
A popular vehicle to wager on the retail sector on Wednesday was on pace for its steepest daily decline in about a month, weighed by drops in shares of Office Depot Inc. , and Priceline Group Inc. . The SPDR S&P Retail ETF was down by about 1.5%, putting its worst one-day fall since July 10 in sight, when the retail-focused ETF fell by 2.4%, according to FactSet data. Prominent names in the ETF, Priceline shares tumbled 8.4% after the travel-booking company posted bookings that missed Wall Street expectations late Tuesday. Another travel-related entity, TripAdvisor Inc. saw its shares down nearly 8% after weaker-than-expected quarterly results, while Office Depot's stock, plunged 25%, on pace for its worst daily drop since May 11, 2016. Those drops combined to yank the XRT sharply lower in early Wednesday trade. The S&P 500 index's consumer-staples sector, which the retail ETF is designed to mimic, was down the most among the broad-market benchmark's 11 sectors. Wall Street equities were trading modestly lower as investors sold assets perceived as risky, notably stocks, in favor of havens like government bonds and gold. The S&P 500 was down 0.2%, the Dow Jones Industrial Average was off 0.2%, while the tech-laden Nasdaq Composite Index was trading 0.5% lower. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Office Depot's profit misses expectations as sales decline
Office Depot Inc. said Wednesday that second-quarter net profit fell to $24 million, or 5 cents a share, from $210 million, or 38 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 6 cents, missing the FactSet consensus of 8 cents. Revenue fell to $2.36 billion from $2.58 billion, just shy of the FactSet consensus of $2.44 billion, as both retail division and business solutions division sales missing expectations. Same-store sales for both divisions fell 6% from a year ago. For 2017, the office supply retailer still expects total sales to be "lower" than 2016, primarily because of store closures, contract customer losses and continued challenging market conditions. The stock, which was still inactive in premarket trade, has soared 35% year to date through Tuesday, while the SPDR S&P Retail ETF has lost 6.7% and the S&P 500 has gained 10.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Staples shares surge on report of $6 billion acquisition by Sycamore
Shares of Staples Inc. surged nearly 5% in after-hours trading late Wednesday after Reuters reported that private equity firm Sycamore Partners is in advanced talks to acquire the office supplies retailer. Reuters said Sycamore is finalizing a debt financing deal with Staples after beating out Cerberus Capital Management in an auction. A final deal, which may top $6 billion, could be announced next week, the report said. The Wall Street Journal reported in April that the troubled retailer was seeking a buyer. Staples has more than 1,200 stores in the U.S., but has been forced to close hundreds of stores in recent years due to an extended slump in sales. A proposed merger with rival Office Depot Inc. was rejected in 2016 over antitrust concerns. Staples shares are down 0.7% over the past month, and down 1.3% over the past year.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
These 3 retail stocks are not getting obliterated like Sears
Office Depot Inc. Office Depot is forming an ascending triangle pattern that triggers a buy above $5.40. Burlington Stores Inc. Burlington's breakout signal triggers with a push through $102.50. Home Depot Inc. HD is still a "buy the dips stock" this summer.
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