Why Office Depot Inc. Stock Plunged Today
Shares of Office Depot Inc. (NASDAQ: ODP) were tumbling today after the company reported preliminary third-quarter results, lowered its guidance for the year, and said it would acquire IT services provider CompuCom for approximately $1 billion.
For a company with a market cap of just $2 billion, the move constitutes a significant strategic shift as the office supplies retailer will focus on providing tech services as CompuCom manages around 6,000 licensed technicians serving 5.1 million end users.
As of 10:56 a.m. EDT, the stock was down 16.8%.
Source: Fool.com
The ODP Corp. Stock
€36.40
-0.550%
Currently there is a rather positive sentiment for The ODP Corp. with 3 Buy predictions and 0 Sell predictions.
With a target price of 57 € there is a hugely positive potential of 56.59% for The ODP Corp. compared to the current price of 36.4 €.
