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Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:20 EDTSPLS, ODP, USTRStaples sinks after Q1 profit, guidance trail expectations
Shares of office products company Staples (SPLS) are sinking after the company's first quarter profit and second quarter outlook trailed analysts' consensus estimates. WHAT'S NEW: This morning, Staples reported Q1 adjusted earnings per share of 18c and revenue of $5.65B, compared to expectations of 21c and $5.62B, respectively. Q1 North American same store sales decreased 4%. WHAT'S NOTABLE: The company forecast Q2 adjusted EPS of 9c-14c, short of the consensus of 15c. Q2 revenue was seen decreasing year over year, compared to consensus of $5.19B. The company expects to record pre-tax charges in the range of $105M-$155M associated with restructuring and other related activities during the second quarter. For FY14, the company sees total global restructuring and related charges of $240M-$360M. It expects to generate more than $600M of free cash flow in FY14. The company's free cash flow guidance reflects an expected use of cash in the range of $60M-$100M associated with its 2014 global restructuring and other related activities. It expects to close approximately 40 stores in 2014. PRICE ACTION: In early afternoon trading, Staples fell $1.73, or almost 13%, to $11.66 on more than twice its average daily trading volume. Including today's pull back, the stock is down more than 20% over the past twelve months. OTHERS TO WATCH: Other companies in the office products space include Office Depot (ODP) and United Stationers (USTR), both of which are lower on the session.
News For SPLS;ODP;USTR From The Last 14 Days
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July 23, 2014
16:31 EDTUSTRUnited Stationers reports Q2 EPS 85c, consensus 85c
Reports Q2 revenue $1.32B, consensus $1.28B.
July 15, 2014
06:32 EDTSPLSStaples, USPS cease in-store mini-post office program, Reuters says
After several protests outside of its stores, Staples said it is set to end a pilot program with the U.S. Postal Service to set up mini-post offices in the firm's retail locations, according to Reuters, citing comments from spokeswomen representing Staples and the USPS. Reference Link
July 13, 2014
15:54 EDTSPLSGameStop, TJX, Staples, three other retailers look cheap, Barron's says
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