Einhorn Opens Stake In Office Depot, Company Give Financial Outlook Through 2020
The broader market has held its lines as we progress further into the afternoon.Today's action in office supply company Office Depot (ODP 2.48, +0.14) has the stock up 6.0%, outpacing broader market gains. This morning the company released its financial outlook through 2020, to the delight of investors. Shares traded in a wide range after reporting quarterly results one calendar week ago, but have since calmed down. Even with today's gains the stock still holds a YTD loss worse than 30%.In addition to reaffirming its FY18 revenue view of $10.8 billion, Office Depot outlined plans for revenue growth of 0-2% for FY19.Also of note in Office Depot in the last 24 hours, yesterday David Einhorn of Greenlight Capital disclosed a nearly 2.1 million share position in the company, a new stake for Einhorn.