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Stock Market & Financial Investment News

News Breaks
March 6, 2014
11:26 EDTODP, SPLSStaples plunges to 52 week low on weak results, store closure plan
Shares of office products retailer Staples (SPLS) are sinking after the company's fourth quarter results and first quarter guidance trailed expectations. The company also announced it will no longer provide annual sales or EPS guidance. WHAT'S NEW: This morning, Staples reported Q4 adjusted earnings per share of 33c and revenue of $5.87B, compared to expectations of 39c and $5.97B, respectively. The company forecast Q1 EPS of 17c-22c, significantly trailing expectations of 27c. Staples also said it Q1 sales are expected to decrease compared to the prior year. WHAT'S NOTABLE: Staples initiated a multi-year cost savings plan which is expected to generate annualized pre-tax cost savings of approximately $500M by the end of 2015. The savings are expected to come from supply chain, retail store closures and labor optimization, non-product related costs, IT hardware and services, marketing, sales force, and customer service. The company said it expects to close up to 225 stores in North America by the end of 2015. ANALYST REACTION: Following the quarterly report, research firm Janney Capital downgraded Staples to Neutral from Buy. PRICE ACTION: In late morning trading, Staples fell $2.06, or about 15.4%, to $11.33 on nearly five times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $11.16. Including today's slide, the stock has lost about 8% over the past twelve months. OTHERS TO WATCH: Staples main competitor, Office Depot (ODP), was down about 4% on the session.
News For SPLS;ODP From The Last 14 Days
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April 15, 2015
10:00 EDTSPLSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Tower (AMT) upgraded to Outperform from Neutral at Macquarie... Ameriprise (AMP) upgraded at Morgan Stanley... Builders FirstSource (BLDR) upgraded to Buy from Neutral at Sterne Agee... China Telecom (CHA) upgraded to Outperform from Market Perform at Bernstein... China Unicom (CHU) upgraded to Outperform from Underperform at Bernstein... Discover (DFS) upgraded to Overweight from Neutral at JPMorgan... EV Energy (EVEP) upgraded on asset sale at RBC Capital... GoPro (GPRO) upgraded to Overweight from Neutral at Piper Jaffray... Intel (INTC) upgraded on valuation at RBC Capital... Nike (NKE) upgraded to Overweight from Neutral at Piper Jaffray... Nokia (NOK) upgraded to Market Perform from Underperform at Bernstein... Rice Energy (RICE) upgraded to Buy from Neutral at Goldman... Staples (SPLS) upgraded to Buy from Hold at BB&T... Team (TISI) upgraded to Buy from Hold at BB&T... Ulta Salon (ULTA) upgraded to Overweight from Neutral at Piper Jaffray.
07:00 EDTSPLSStaples upgraded to Buy from Hold at BB&T
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April 13, 2015
11:28 EDTODP, SPLSStarboard CEO says Staples, Office Depot merger 'likely to go through'
Says confident the potential merger will pass anti-trust scrutiny. Jeff Smith is speaking on CNBC.
April 9, 2015
09:18 EDTODPBofA/Merrill retail analysts hold an analyst/industry conference call
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April 8, 2015
08:09 EDTSPLSStaples management to meet with Deutsche Bank
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