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

Posted: Monday, November 02, 2009 2:19 PM EDT

Office Depot (ODP) was downgraded today by analysts at Credit Suisse and the stock is now at $5.80, down $0.25 (-4.13%) on volume of 7,331,855 shares traded. Credit Suisse downgraded the stock today to Underperform from Neutral. Over the last 52 weeks the stock has ranged from a low of $.59 in March to a high of $7.84 in earlier this month. Office Depot stock has been showing support around $5.56 and resistance in the $6.78 range. Technical indicators for the stock are bearish and S&P gives ODP a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on ODP the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 7.5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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