Why Office Depot Inc Stock Tumbled Today
Shares of Office Depot Inc (NASDAQ: ODP) were tumbling today after the struggling office supply retailer was downgraded by J.P. Morgan. As of 11:27 a.m. EDT, the stock was down 13.3%.
Analyst Chris Horvers lowered his rating on Office Depot to underweight from neutral, explaining that the office supply category is shrinking, and that the company is losing business-to-business market share as it faces increasing competition from Staples as it goes private and Amazon.com, which recently launched a Prime service for businesses.
Image source: Getty Images.
Source: Fool.com