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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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December 11, 2014
15:15 EDTODP, SPLSStarboard confident FTC would approve Staples-Office Depot deal, Bloomberg says
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14:31 EDTODP, SPLSOffice Depot, Staples rise amid merger speculation, Citi says tie-up unlikely
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14:03 EDTSPLSStaples upgraded to Peer Perform from Underperform at Wolfe Research
13:03 EDTODP, SPLSOn The Fly: Midday Wrap
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11:58 EDTODP, SPLSStarboard wants Staples, Office Depot merger, CNBC reports
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11:49 EDTSPLS, ODPStarboard likely to push for Staples, Office Depot merger, says Citigroup
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11:06 EDTSPLSStaples rises sharply on Starboard stake, levels to watch
Shares hit a fresh 52-week high of $16.32 after Starboard took a 5.1% stake in the company. At the current price of $16.18, next resistance is at that new high and then at $16.60. Support is at $15.97.
10:13 EDTSPLSOn The Fly: Analyst Upgrade Summary
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09:16 EDTODPOn The Fly: Pre-market Movers
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08:37 EDTSPLS, ODPStaples, Office Depot merger would face FTC contract hurdle, says Janney Capital
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08:17 EDTSPLSStaples upgraded to Equal Weight from Underweight at Morgan Stanley
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06:25 EDTSPLS, ODPStarboard may push for Staples, Office Depot merger, WSJ reports
Activist investor Starboard Value LP may push for a merger between Staples (SPLS) and Office Depot (ODP), Wall Street Journal reports, citing people familiar with the matter. Starboard this morning reported a new 5.1% stake in Staples while also upping its position in Office Depot to 9.9% from 8.6%. The activist didn't detail any of the changes it seeks in today's filings. Reference Link
06:19 EDTODP, SPLSStarboard raises stake in Office Depot to 9.9% from 8.6%
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06:17 EDTODP, SPLSStarboard reports new Staples stake, ups Office Depot position
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06:12 EDTSPLSStarboard Value reports 5.1% stake in Staples
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05:50 EDTODPStocks with implied volatility movement; SPY ODP
Stocks with implied volatility movement; Standard and Poor's Depository Receipts (SPY) 16, Office Depot (ODP) 67 according to iVolatility.
December 10, 2014
10:33 EDTSPLSOptions with increasing implied volatility
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05:53 EDTSPLSStocks with implied volatility movement; SPLS DISH
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December 9, 2014
10:27 EDTSPLSOptions with increasing implied volatility
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07:42 EDTSPLSStaples management to meet with UBS
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