Activist investor Starboard Value LP has bought a 6 percent stake in Staples Inc and raised its stake in Office Depot Inc to 10 percent, in a move that could raise pressure for a combination of the office-supply retailers, the Wall Street Journal reported, citing sources. Based on Staples' market value, the investment is worth about $550 million.New York-based Starboard, which earlier held an 8.6 percent in Office Depot, is not expected to announce any changes it will push for in filings disclosing the stakes expected Thursday, the Journal said, citing people familiar with the matter. (on.wsj.com/1un4jRL)The move by Starboard could increase pressure on both companies from shareholders and analysts for a possible merger to face competitors like Amazon.com Inc, Wal-Mart Stores Inc and Target Corp known for their discounts on all kinds of products, the Journal said.Shares of Office Depot and Staples rose in early September after Credit Suisse analyst G. Balter said in a note that a potential merger of the office supplies retailers looked "compelling".
Amazon.com, Inc. (Amazon.com) serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN fell by 2.13% or $-6.66/share to $305.84. In the past year, the shares have traded as low as $284.00 and as high as $408.06. On average, 4017940 shares of AMZN exchange hands on a given day and today's volume is recorded at 3245890.
Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP traded higher by 2.67% or $0.175/share to $6.72. In the past year, the shares have traded as low as $3.84 and as high as $7.01. On average, 9871670 shares of ODP exchange hands on a given day and today's volume is recorded at 22890334.
Staples, Inc. (Staples) is an office products company. Shares of SPLS traded higher by 2.46% or $0.355/share to $14.82. In the past year, the shares have traded as low as $10.70 and as high as $16.04. On average, 10456500 shares of SPLS exchange hands on a given day and today's volume is recorded at 27436664.
Target Corporation sells a range of assortment of general merchandise and food in its stores. Shares of TGT fell by 0.94% or $-0.69/share to $72.91. In the past year, the shares have traded as low as $54.66 and as high as $74.76. On average, 4940260 shares of TGT exchange hands on a given day and today's volume is recorded at 4560500.
Wal-Mart Stores, Inc. (Walmart) operates retail and other stores in various formats, including membership clubs. Shares of WMT fell by 0.69% or $-0.58/share to $82.98. In the past year, the shares have traded as low as $72.27 and as high as $88.09. On average, 7372810 shares of WMT exchange hands on a given day and today's volume is recorded at 6973600.
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