Monday, November 17, 2008
In Matt Nesto's Oct. 31 stock blog post, what "No. 1" gainer did he call the "hottest stock on Earth"?
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Question: In Matt Nesto's Oct. 31 stock blog post, what "No. 1" gainer did he call the "hottest stock on Earth"?
Answer: Office Depot
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Hottest Stock on Earth*
No matter... shares of Office Depot [ODP 1.98 -0.05 (-2.46%) ] are not only No. 1 today (up 20 percent) but No. 1 this week... with an astounding 118 percent gain in 5 days.
What's noteable is that ODP actually posted weak results on Wednesday, but they were pushed aside after rival Staples [SPLS 17.05 -0.04 (-0.23%) ] gave strong guidance... which was enough to rally Office Depot and Office Max [OMX 4.97 0.05 (+0.91%) ] too.
Also worth noting:
- ODP's short interest has fallen from 10 percent to about 8 percent in October...
- It's one of the 10 smallest members of the S&P 500, with market cap of $990 million...
- And one of 20 S&P 500 index members with a share price less than $5.
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