Why Office Depot Shares Are Up Today

Shares of Office Depot (NASDAQ: ODP) traded up 20% on Wednesday after the company reported first-quarter results that came in ahead of expectations. Office Depot is also adopting a so-called poison pill, an increasingly popular option for companies worried a hostile suitor could try to take advantage of recent market volatility.

Office Depot before markets opened on Wednesday reported first-quarter adjusted earnings of $0.12 per share on revenue of $2.7 billion, ahead of analyst expectations for $0.07 per share on revenue of $2.68 billion. Sales were down 1.4% year over year, but the results show that the retailer held up well as the COVID-19 pandemic worsened.

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Source Fool.com