Poor results drag Office Depot (ODP) further

Office Depot (NYSE: ODP) stock, which slipped into a downward trend on daily swing trading charts since Oct 15, continues to be in the grip of bears.

The Office Depot (ODP) stock has recorded further loss of 9.1% to $6.44 by afternoon trades on Thursday, as the Office Depot (ODP) stock breached 50 days MA also.

Office Depot (NYSE: ODP) earlier posted a wider third-quarter loss on Thursday as extra-ordinary charges and weak demand from consumers and small businesses dragged the retailer deeper into the red.

Office Depot /quotes/comstock/13*!odp/quotes/nls/odp(ODP) lost $413 million, or $1.51 a share, on the period, versus a loss of $6.7 million, or 2 cents a share, in the same quarter of 2008.