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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
Check below for free stories on SPLS;ODP the last two weeks.
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September 15, 2014
08:35 EDTODPOffice Depot to transfer stock listing to NASDAQ from NYSE
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06:25 EDTSPLS, ODPStaples sum-of-parts analysis yields just 10% upside, says Deutsche Bank
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06:19 EDTSPLSStaples September volatility elevated on wide price movement
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06:02 EDTSPLSStocks with implied volatility movement; EBAY SPLS
Stocks with implied volatility movement; eBay (EBAY) 29, Staples (SPLS) 31 according to iVolatility.
September 10, 2014
08:34 EDTODPOffice Depot announces resignation of Starboard's Jeffrey Smith from board
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September 9, 2014
14:54 EDTSPLSApple announces Apple Pay
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14:47 EDTSPLSStaples to support Apple Pay in stores this fall
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September 8, 2014
05:54 EDTSPLSStaples Canada expands Bullfrog Power partnership
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September 3, 2014
12:19 EDTSPLSOptions with increasing implied volatility
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09:15 EDTODPOn The Fly: Pre-market Movers
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06:09 EDTODPOffice Depot awarded $100M supplies and solutions contract by Corporate United
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06:02 EDTODPOffice Depot backs FY14 sales to be lower than FY13 combined pro forma sales
FY14 consensus of $16.11B; Sees Q3 total adjusted sales to be similar to 1H14 trend, Q3 revenue consensus of $3.93B; Backs FY14 adjusted operating income of not less than $200M.

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