Shares of Office Depot (ODP - Cramer's Take - Stockpickr - Rating) tumbled 14% Monday after the retailer delayed its third-quarter results because of a probe into its vendor program funds. The Delray Beach, Fla.-based office supplies seller said its audit committee is investigating the timing of the recognition of the funds. JPMorgan and Credit Suisse downgraded the stock following news of the investigation. Office Depot had been scheduled to report its third-quarter results on Tuesday. The company didn't give a new date for the release, only saying that it will issue a press release with the new time. Shares of Office Depot were sliding $2.93 to $17.36, hitting a 52-week low. The stock had traded as high as $42.61 a year ago.
got this off Yahoo.com I don't think that it is a matter of "IF" something bad comes from this delay. I think that it is a matter of "how bad" the news will be. The stock isn't down over 50% since mid January because there was unexpected goods news hidden in their books.
The merchandising of paper requires having paper to merchandise. Sharp fast moves is one way it's done. News is orchestration and eventually, PUNKtuation. Break of a 2 year down trend, say............mid $20's in mid 2008, it'll be fit to go. Ask Doyle (what a name) about his fabulous Countrywide Financial short. Maybe he can quantify his risk/reward ratio. I luv sophomoric logic. Mean's "things" are goin' as planned.
Office depot, best buy, circuit city, wallmart, target, sears, etc all all crap.Stay away from crappy big store stocks. Nowadays people buy stuff online. Big stores are so 90's.