Nov. 6, 2013, 9:03 AM
- Office Depot (ODP) and OfficeMax (OMX) complete their merger of equals. The combined entity will use the name Office Depot and trade on the NYSE under the symbol ODP.
- The new Office Depot had TTM revenue through Q3 of ~$17B and more than 2.2K locations.
- Cost synergies by the 3rd year following the merger are now expected to be in the upper half of the previously announced $400M-$600M range, excluding potential synergies from $2B of opex relating to retail stores and working capital savings that have not been evaluated yet. ODP expects to incur ~$200M in costs associated with the merger in 2013 and up to $600M-$650M to realize estimated synergies.
- B. Riley has upgraded ODP to Buy from Neutral with a PT of $7.
- ODP Q3 results, OMX Q3 results
Nov. 5, 2013, 4:26 PM
- OfficeMax (OMX): Q3 EPS of $0.15 misses by $0.07.
- Revenue of $1.66B misses by $0.02B. (PR)
Nov. 5, 2013, 12:05 AM
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Nov. 4, 2013, 5:30 PM
- AFSI, AKRX, AMED, AMG, AOL, ARCC, ARCO, ASH, BCRX, BDX, BPI, CCC, CHTR, COCO, CTSH, CVS, D, DLPH, DNR, DTV, DWRE, DX, DXM, EMR, ENR, EXH, EXLP, EXPD, FE, GLDD, GTIV, HCA, HCN, HL, HPT, HSIC, HST, HW, ICE, IFF, ISIS, KORS, KWK, LBTYA, LPX, MITT, MNTA, MOS, MPEL, MPW, NNN, NTLS, NXST, ODP, OMX, OWW, OXF, OZM, PMC, PQ, RDC, REGN, REN, RHP, RIGL, RRD, RRGB, SRE, TGH, TMUS, TRGT TRP, VSI, XPO, ZBRA, ZINC, ZTS
Nov. 1, 2013, 2:16 PM
Nov. 1, 2013, 9:13 AM
Oct. 22, 2013, 4:32 PM
- OfficeMax Incorporated (OMX) declares $0.02/share quarterly dividend, in line with previous.
- Forward yield 0.54%
- Payable Nov. 15; for shareholders of record Nov. 1; ex-div Oct. 30.
Oct. 21, 2013, 10:31 AM
- Shares of Office Depot (ODP +0.8%), OfficeMax (OMX +0.8%), and Staples (SPLS +0.3%) are all keeping their heads above water on more reports that a FTC approval for the ODP-OMX merger is pending.
- The latest scoop is that the companies will not need to divest properties in order to pass muster with the regulator.
Oct. 21, 2013, 4:38 AM
- The Federal Trade Commission is reportedly set to give antitrust approval to the merger of Office Depot (ODP) and OfficeMax (OMX) without requiring the retailers to make divestitures.
- The FTC has concluded that the tie-up won't reduce competition substantially, mainly because of the size of e-commerce in the sector.
- The companies hope to appoint a CEO to run the merged entity once the FTC has given its authorization.
Oct. 16, 2013, 3:23 PM
- Office Depot (ODP +7.9%) and OfficeMax (OMX +9.1%) spike higher amid chatter the FTC is close to backing the merger of the office superstores.
- Staples (SPLS +3.8%), which was already putting in some solid gains, also trekked higher off the same news.
- The general consensus in the sector is that two major players is better than three.
- OPD-OMX merger timeline
Oct. 14, 2013, 4:02 PM
- Office Depot (ODP +0.2%) and OfficeMax (OMX +0.4%) say they have completed a second round of questions from the FTC on the impact of the merger between the two companies.
- The office superstores are in a bit of a pickle at the moment because if they offer to match the prices of Amazon as Staples (SPLS +1.5%) did they risk being viewed as displaying ant-competitive behavior toward their major rival.
- The flip side of course is heading into the holiday season with Staples having a clear pricing edge.
Oct. 10, 2013, 8:38 AM
- Janney upgrades both OfficeMax (OMX) and Office Depot (ODP) to a Buy rating after analyzing the amount of synergies the combined company will realize following their merger.
- The two office superstores had hoped to merge before the end of the year, but the government shutdown has ground action at the FTC to a halt.
- It's still a mystery who will be the CEO of the new company and where the corporate headquarters will be located.
Sep. 18, 2013, 5:53 PM
Sep. 17, 2013, 4:44 AM
- U.S. retail store sales are expected to slow to +2.4% during November and December from +3% last year and +4% in 2011, research firm ShopperTrak has estimated.
- Store visits are forecast to drop 1.4% after rising 2.5% in 2012.
- "Although the economy continues to recover slowly, consumers remain cautious about spending and are not ready to splurge," ShopperTrak founder Bill Martin said.
- It's worth noting that online sales - accounting for 7% of the total - aren't included in the projections, while ShopperTrak forecasts tend to undershoot.
- Related tickers: COST, WMT, SHLD, M, JCP, TGT, BBY, ODP, BBBY, SPLS, OMX.
Aug. 26, 2013, 7:57 AM
- A scorching heat wave in the Midwest will continue throughout the week in a development which could trim back-to-school spending excursions, warns Brian Sozzi.
- Lower store traffic could wreak havoc on inventory with many retailers banking on using school supplies as a loss leader to help boost apparel and computer/tablet sales.
- Looking for relief: SPLS, OMX, ODP, TGT, WMT.
Aug. 21, 2013, 9:13 AM