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
The community is currently still undecided about The ODP Corp. with 2 Buy predictions and 0 Sell predictions.
As a result the target price of 60 € shows a very positive potential of 55.44% compared to the current price of 38.6 € for The ODP Corp..