Here's a quick look at a few of the headlines making news this afternoon.
Activist steps in at Office Depot
Activist investment advisor Starboard Value announced today that it has taken a 13.3% ownership stake in Office Depot (NYSE: ODP), making it the company's largest common shareholder. In a letter to the company, Starboard outlined "a number of opportunities to meaningfully improve operating performance and dramatically increase EBITDA," according to a Starboard press release. Suggestions in the letter include downsizing to smaller store formats and lowering advertising expenses.
China, U.S. seek WTO intervention
The United States and China have each filed allegations of unfair trade practices against the other at the World Trade Organization. The United States' beef is with Chinese subsidies of autos and auto parts. China, meanwhile, wants action on "anti-dumping" measures affecting Chinese goods sold in America.
Arrests at Occupy Wall Street
By 12:30 p.m., roughly 125 people had reportedly been arrested in New York City as part of protests marking the first anniversary of the Occupy Wall Street movement. Protesters tried to block access to the New York Stock Exchange, The New York Times reported. The Vietnam Veterans memorial on Water Street was an early gathering spot for about 400 protesters, the Times reported, and about 200 people had gathered at Zuccotti Park.
Restoration Hardware rebrands
Luxury home furnishings company Restoration Hardware has rebranded itself as RH. "RH enhances our identity and moves us beyond our Hardware store beginnings," CEO Carlos Alberini said in a press release. "It enables us to leverage our core capabilities of innovation, curation, and integration of new ideas and businesses."
