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Strength Seen in Office Depot (ODP): Stock Soars 10.8%

Zacks Equity Research
Updated

Office Depot, Inc. ODP was a big mover last session, as the company saw its shares rise almost 11% on the day. The upside has been driven by a news report suggesting that Amazon.com, Inc. AMZN might acquire Office Depot's corporate sales division which led to more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $5.04 to $5.32 in the past one-month time frame.

The company has seen 5 negative estimate revisions in the past 30 days, while its Zacks Consensus Estimate moved lower over the same time frame, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward to see if yesterday’s move higher can last.

Office Depot currently has a Zacks Rank #4 (Sell).

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AMAZON.COM INC (AMZN): Free Stock Analysis Report
 
OFFICE DEPOT (ODP): Free Stock Analysis Report
 
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Zacks Investment Research