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Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:20 EDTODP, SPLS, 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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May 29, 2015
13:49 EDTODPCablevision hires Keith Sherwell as CIO, Variety reports
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10:32 EDTUSTRUnited Stationers management to meet with Jefferies
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May 27, 2015
19:05 EDTODPOffice Depot to pay $3.4M over faulty office chairs
The U.S. Consumer Product Safety Commission announced that Office Depot has agreed to pay a $3.4M civil penalty to settle CPSC's charges that Office Depot knowingly failed to report defects and an unreasonable risk of serious injury concerning two models of office chairs -- the Quantum and the Gibson. The seatbacks of both models failed, resulting in multiple back and other injuries. Federal law requires parties like Office Depot to report to CPSC within 24 hours about a consumer product containing a defect that could create a substantial product hazard or presenting a risk of serious injury. "Office Depot received dozens of reports of seatback failures and related injuries involving both the Quantum chairs and the Gibson chairs. Office Depot never reported the Quantum chair hazard to CPSC, and reported the Gibson chair hazard only after receiving a request from staff. By the time the chairs were recalled, Office Depot had received 33 and 153 reports, respectively, of seatback detachment from the chairs, and 14 and 25 reports, respectively, of injuries, some requiring medical attention," said the CPSC. In addition the civil penalty, Office Depot has agreed that the company has, and shall maintain, a compliance program to ensure compliance with the Consumer Product Safety Act and a related system of internal controls and procedures. Office Depot neither admits nor denies CPSC staff’s charges. The penalty agreement has been accepted provisionally by the Commission. Reference Link
May 20, 2015
17:31 EDTUSTROwens & Minor appoints P. Cody Phipps as CEO
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15:51 EDTSPLSStaples shares mentioned positively at BofA/Merrill
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06:04 EDTSPLSStaples expects to generate more than $600M of free cash flow for FY15
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06:04 EDTSPLS, ODPStaples sees Q2 non-GAAP EPS 11c-13c, consensus 11c
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06:03 EDTSPLSStaples reports Q1 North American Commercial sales growth of 3%
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06:01 EDTSPLSStaples reports Q1 non-GAAP EPS 17c, consensus 17c
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May 19, 2015
15:00 EDTSPLSNotable companies reporting before tomorrow's open
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07:18 EDTSPLSStaples May volatility elevated into Q1 and outlook
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May 15, 2015
08:09 EDTSPLSStaples June volatility elevated into Q1 and outlook
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05:52 EDTSPLSStocks with implied volatility above IV index mean; KORS SPLS
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