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Stock Market & Financial Investment News

News Breaks
March 6, 2014
11:26 EDTSPLS, ODPStaples 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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October 30, 2014
13:12 EDTODPOffice Depot management to meet with B. Riley
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October 21, 2014
06:22 EDTSPLSStaples may be latest retailer to be hacked, Krebs reports
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October 20, 2014
10:24 EDTSPLSStaples and Cynthia Rowley announce exclusive collaboration
Staples and designer Cynthia Rowley announce an exclusive work and home office collection that incorporates designs into everyday work and home spaces. Beginning mid-November, Staples stores nationwide will debut the exclusive Cynthia Rowley Collection.
09:01 EDTODPOffice Depot stores now accept Apple Pay
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October 16, 2014
09:32 EDTODPOffice Depot: European restructuring plan includes reduction of 1,100 positions
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