20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine." A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Office Depot (NYSE: ODP) reported the results of their second quarter this morning, moving shares little in the premarket. EPS came in at a ten cent loss as expected while revenue was 2.4 billion for a 1.23 percent miss.
CEO Neil Austrian had this to say: “Sales continue to be impacted by a sluggish technology category, particularly laptops, as well as ongoing budgetary pressure on our federal accounts... we remain actively engaged in integration planning related to the proposed merger with OfficeMax, which we continue to expect to close by the end of the year.”
The company’s cost reduction efforts paid off with operating expenses down 39 million, or 8.9 percent while sales fell just 3.7 percent. Cost of goods sold was also slightly reduced as a percentage of sales.
Related: Office Depot Issues Letter, Says Deal On Track for a Successful Closing by Year End
Same store sales in North America were down four percent with three percent smaller orders and one percent less transactions. Similarly, international sales fell three percent.
The company did a make a note about the upcoming merger with OfficeMax (NYSE: OMX), giving a timeline and stating: “The merger is not final until the receipt of certain regulatory approvals and completion of other customary closing conditions.”
Shares closed at $4.27 Monday, down almost five percent.
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine." A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!