Diamonds and Dogs
2/20/2013Office Depot Inc. (ODP)
Office Depot is writing in red today, down 16.73% at $4.18. The office supply company fell after news that the company would not combine forces with Office Max. Instead a statement was accidently released stating that Office Depot was planning on buying out Office Max for $1.2 billion. The deal will consist of an all stock and no cash. Office Depot management said that the deal was not actually completed when the first statement of the deal was released. Regardless, the deal is official now, and investors do not appear to be happy with the deal as Office Depot dropped around $0.85.
La-Z-Boy Incorporated (LZB)
La-Z-Boy management wasn't lazy last quarter and its showing today with shares up 11.45% at $17.23. The furniture company saw its share gain some cushion after releasing an earnings report. For La-Z-Boy's third quarter the company beat estimates on both revenue and earnings per share. The company announced revenue of $349.1 million beating analyst estimates of $337.7 million. Furthermore, La-Z-Boy had an EPS of $0.32, Wall Street was expecting $0.23 per share. The company gained enough momentum today to reach a new 52-week high, just beating its previous high of $17.13.