Office Depot, Inc. (ODP) saw a big move last session, as the company’s shares fell about 6% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for ODP, as the stock is now down nearly 10% since Feb 24.
This slump shouldn’t be too much of a surprise to investors, as the company in retail space has seen 9 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
ODP currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is 0.0%.
Some better-ranked stocks in the retail sector include Barnes & Noble, Inc. (BKS), ITOCHU Corporation (ITOCY) and Kingfisher plc (KGFHY). While Barnes & Noble and ITOCHU carry a Zacks Rank #1 (Strong Buy), Kingfisher plc holds a Zacks Rank #2 (Buy).
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