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Office Depot, Inc. stock price
Office Depot, Inc. latest news:
BRIEF-Office Depot announces executive VP Michael Allison will leave company effective Oct 13
Office Depot Inc(ODP). * Office Depot(ODP) - on Oct 12, co announced Michael Allison, executive vice president, chief administrative officer, will leave company effective Oct 13. * Office Depot (ODP) - pursuant to general release agreement, co will provide $1.3 million to Allison, payable in a lump sum six months following effective date Source text: [http://bit.ly/2ij5CZ2] Further company coverage:
How Office Depot Is Taking a New Strategic Direction
BRIEF-Office Depot to acquire CompuCom for about $1 billion
* Office Depot takes first step in strategic transformation
to become business services platform with acquisition of
Office Depot to buy CompuCom for $1 billion, lowers guidance
Shares of Office Depot Inc. fell 2% late Tuesday after the company said it planned to buy IT company CompuCom Systems Inc. for $1 billion. That is a first step into "pivoting the company from a traditional office products retailer to a broader business services and technology products platform," the company said in a statement. Private-equity firm Thomas H. Lee Partners LP owned CompuCom, and the deal will include paying down CompuCom debt and issuing new Office Depot shares. The deal would add $1.1 billion of revenue and more than $40 million within two years in cost synergies. In the same statement, Office Depot said it was lowering its outlook for 2017, saying it expects adjusted operating income to be between $400 million and $425 million, from an estimate of $500 million. The company pinned the downgrade to the impact of the hurricanes, lower back-to-school sales and store traffic, and temporarily higher supply-chain costs. The stock ended the regular session up 1.3%. A merger between Office Depot and rival Staples Inc. was scuttled last year, and earlier this year Staples was sold to a private equity firm.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.
Confusion hits consumer market over U.S. ban of Kaspersky software
Best Buy and Office Depot said they will no longer sell Kaspersky Labs software, although a security researcher said most consumers don't need to be alarmed.
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.
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