Market Overview

Staples' Weak Earnings Report Hurts Office Supply Industry

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Shares of Staples (NASDAQ:STPLS) plummeted 15 percent Wednesday morning after the company reported a 32 percent decline in profit in the second-quarter.

This has subsequently hurt the office supply industry as a whole, as Office Max (NYSE: OMX) traded down over 4 percent while Office Depot (NYSE: ODP) fell just over 4 percent.

Investors may be speculating that Staples' miss is on account of a declining paper and ink market. If so, this could have disastrous consequences for the entire industry.

Shares of Staples traded near $11.30 on Wednesday.

Posted-In: Earnings News Intraday Update Movers

 

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