OfficeMax (OMX) NewsBite - OfficeMax Removed From S&P 500

Posted on Monday, June 16, 2008 1:27 PM

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. [RHF - Seven Summits Strategic Investments NewsBite]