Today's Market Winners and Losers
The stock market is up Tuesday, with the Dow Jones Industrial Average up 0.30%, the Nasdaq up 0.23% and the S&P 500 up 0.38%. Today’s winners are all office-supply store chains that are trending upward due to merger talks. Today’s losers are a search engine company and an Internet service provider that reported lackluster fourth-quarter financials.
These are Tuesday’s market winners and losers.
Shares of OfficeMax Inc. (NYSE: OMX) are up 26.93% to $13.65 on trading volume of 5.8 million shares. Reports have surfaced that the company is in advanced merger talks with rival Office Depot Inc. (NYSE: ODP), and a deal could be announced as early as this week. Before Tuesday, the 52-week high was $26.70. In addition, shares of Office Depot are up 14.60% to $5.26 on trading volume of 31.5 million shares. Before Tuesday, the 52-week high was $4.87.
Shares of Staples Inc. (NASDAQ: SPLS) are up 13.44% to $14.69 on trading volume of 27.9 million shares. The company shares rose following the news that its rivals, OfficeMax and Office Depot, were engaged in advanced stage merger talks. The 52-week high is $16.93.
Shares of Yandex N.V. (NASDAQ: YNDX) are down 11.25% to $22.71 on trading volume of 4.2 million shares. The Russian Internet search engine firm’s fourth-quarter net income of about $89.4 million was below Wall St. estimates of about $98.3 million. The 52-week low is $16.65.
Shares of EarthLink Inc. (NASDAQ: ELNK) are down 10.97% to $6.17 on trading volume of 1.7 million shares. The Internet service provider essentially broke even in the fourth quarter, while Wall St. expected a profit of a penny a share. The 52-week low is $5.94.
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