Office Depot (ODP) NewsBite - ODP Downgraded By Credit Suisse

Posted: Wednesday, October 08, 2008 1:27 PM EDT

Office Depot (ODP) was downgraded today by analysts at Credit Suisse and the stock is now at $3.84, down $0.68 (-15.04%) on volume of 8,298,495 shares traded. The brokerage downgraded ODP to "Underperform" from "Neutral." Over the last 52 weeks the stock has ranged from a low of $4.42 to a high of $22.79. Office Depot stock has been showing support around $3.77 and resistance in the $5.81 range. Technical indicators for the stock are bullish and S&P gives ODP a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on ODP the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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