Watch stocks you care about
The single, easiest way to keep track of all the stocks that matter...
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: OfficeMax (NYSE: OMX ) dropped 14% in intraday trading today after a high-profile broker/dealer downgraded the stock.
So what: Goldman Sachs cut its rating on the stock this morning to neutral from buy. That exacerbated a broad market sell-off that took the S&P Retail Index down more than 4% intraday.
Now what: Last week the stock popped as much as 22% in intraday trading after reporting much better-than-expected earnings. Looking at the bigger picture, the company has been grappling with weakened demand and increased competition from Staples (Nasdaq: SPLS ) and Office Depot (NYSE: ODP ) , among others. Though the analyst consensus calls for EPS growth of 27% over the coming year, it also calls for an annualized EPS decline of 28% over the next three to five years.
Interested in more info on OfficeMax? Add it to your watchlist by clicking here.