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: Office Depot
So what: The only real OD-specific news out today is the company's move to close a distribution center in Lansing, Ill. Poor results out of Best Buy
Now what: That said, my reservations about last week's surge remain in effect today. Analysts still see little chance Office Depot will break even this year. Next year's projected $0.13-per-share profit doesn't seem to justify the shares' price, especially not with long-term growth expectations still stuck at 10%.
The upshot: OD's still a strong sell.
Think Rich is wrong? Think Office Depot's price surge is justified? You could be right. Add it to your watchlist and find out.