Forbes: News that the retailer will close 400 stores by 2016 sent Office Depot shares soaring.
Cheered by the earnings beat, investors sent shares of Office Depot surging in early Tuesday trading — at one point, as high as 20.5%. (It’s worth noting that with roughly $4.80 per-share price, Office Depot’s gains look less impressive when viewed as the per-share amount: the 20.5% gain came from an 85-cent boost in share price.) The stock is currently up 16.3%; year-to-date, however, Office Depot has lost nearly 22% of its value. Shares of competitor Staples, meanwhile, ticked down 0.8% on the news.
Read more here.