OFFICEMAX REMOVED FROM S&P 500

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OFFICEMAX REMOVED FROM S&P 500

 user 2008-06-18 at 11:12:49 am Views: 75
  • #20052
    http://www.marketintelligencecenter.com/articles/634104
    OfficeMax Removed From S&P 500
    OfficeMax
    Inc. (OMX) opened at 17.53. So far today, the stock has hit a low of
    17.04 and a high of 17.53. OMX is now trading at 17.38, down 0.72
    (-4.11%). The stock hit its 52 week high of 42.46 in June and set its
    52 week low of 17.04 today. OMX has been moving downwards for the past
    year. Shares of office-supply retailer OfficeMax have been tumbling
    after a Credit Suisse analyst downgraded the stock to “Neutral” from
    “Outperform” and cut his price target by $5 to $20. The broker cited
    news that Standard & Poor’s removed the company from the S&P
    500 index. Technical indicators for the stock are bullish but
    deteriorating 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 an
    August bear-call credit spread above the $20 range. OMX stock could
    rise up to 15.1% before expiration and this position would still be
    profitable.