OFFICEMAX 2Q LOSS OF $894Million

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OFFICEMAX 2Q LOSS OF $894Million

 user 2008-07-30 at 4:28:09 pm Views: 51
  • #20186
    http://www.marketintelligencecenter.com/articles/652718
    OfficeMax Swings to Q2 Loss of $894.2M
    July 
    2008 OfficeMax Inc. opened at 14.87. So far today, the stock has hit a
    low of 12.53 and a high of 14.87. OMX is now trading at 12.36, down
    1.75 (-11.77%). The stock hit its 52 week high of 37.21 in August and
    set its 52 week low of 10.89 in July. OMX has been moving upwards for
    the past year. OfficeMax announced yesterday evening it swung to a
    second-quarter loss as of $894.2 million. Excluding one time charges,
    the company came with earnings of 24 cents per share on revenue of
    $1.98 billion, while analysts forecast a profit of 18 cents per share,
    on revenue of $2.02 billion. Technical indicators for the stock are
    bearish and steady while S&P gives OMX a positive 4 STARS (out of
    5) buy rating. If you’re looking for a hedged play on this stock,
    consider a September bear-call credit spread above the $15 range. OMX
    stock could rise up to 21.4% before expiration and this position would
    still be profitable.