Diamonds and Dogs
5/6/14Office Depot Inc. (ODP)
Office Depot is trading in the green today, up 15.83% to $4.83. The office supply retailer saw its shares jump after reporting better than expected earnings. Management stated that revenues came in at $4.35 billion with an EPS of $0.07. Both numbers beat analysts' expectations of $4.28 billion and $0.03 per share. Furthermore, the company announced that it would close 400 of its least profitable stores. Shares of Office Depot jumped over $0.60 today but are still around a dollar off of their 52-week high.
Twitter Inc. (TWTR)
Twitter Inc. is getting crushed today, down 17.81% to $31.85. The social media company watched its shares plummet due to the lock-up on insider sales expiring. Today 480 million shares became eligible for sale which is nearly three times the number of shares from the IPO. Although, most insiders said they would not sell their shares, investors are wary that those 480 million shares hitting the market could drive prices down. Shares of Twitter hit a new 52-week low of $31.72 intraday.