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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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July 30, 2015
16:00 EDTSPLSOptions Update; July 30, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 16.05. Option volume leaders: AAPL FB SPLS X TWTR BAC NFLX MU CHK BIDU WFM HPQ LNKD MDLZ XOM
10:00 EDTSPLSOn The Fly: Analyst Upgrade Summary
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06:13 EDTSPLSStaples upgraded to Hold from Sell at Evercore ISI
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July 29, 2015
10:41 EDTODPOptions with increasing implied volatility
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10:27 EDTODPOptions with decreasing implied volatility
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July 28, 2015
10:38 EDTODPOptions with increasing implied volatility
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July 24, 2015
06:53 EDTODP, SPLSAmazon urges FTC to approve Staples-Office Depot deal, NY Post says
Amazon (AMZN) founder and CEO Jeff Bezos has reached out to FTC regulators through intermediaries supporting approval of Staples' (SPLS) proposed $6.3B offer to acquire Office Depot (ODP), the New York Post reports, citing sources familiar with the matter. Reference Link
July 20, 2015
10:17 EDTSPLSHigh option volume stocks
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