Midday movers: Staples, OfficeMax, Spirit Airlines

Stocks are higher as Thursday's Fed-sparked rally continues.

By MSN Money Partner Sep 14, 2012 1:40PM
Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

UnitedHealth Group (UNH) was selected to replace Kraft Foods (KFT) in the Dow Jones industrial average at the start of trading Sept. 24.

S&P Dow Jones Indices, which manages the index, said the change reflects both the growing importance of health care spending in the U.S. economy and Kraft's plan to spin off its North American grocery business.

Home Depot (HD) announced plans to close its last seven big box outlets in China and focus on Internet-based sales and specialty stores. The company said it will record an after-tax charge of $160 million, or about 10 cents per diluted share, in Q3 due to the lay-offs and restructuring.

Among the notable gainers Friday was Staples (SPLS), which rose another 4% after being up Thursday following a report of potential interest in taking the company private. Peers Office Depot (ODP), up 6%, and OfficeMax (OMX), up 12%, rose as well, though OfficeMax may have also benefited from stating that it will see a pre-tax gain in Q3 on the resolution of some matters related to Lehman-backed notes.

Among the noteworthy losers were Spirit Airlines (SAVE), down 14% after its guidance for its Q3 revenue per available seat mile disappointed, and Werner Enterprises (WERN), down 7% following at least five downgrades of its stock after the company issued a profit warning.

 
1Comment
Sep 14, 2012 3:55PM
avatar
Office Max is going to be taken over at around $14 a share not Staples.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

114
114 rated 1
278
278 rated 2
474
474 rated 3
641
641 rated 4
639
639 rated 5
663
663 rated 6
640
640 rated 7
499
499 rated 8
284
284 rated 9
122
122 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
COPCONOCOPHILLIPS9
TAT&T Inc9
VZVERIZON COMMUNICATIONS9
KOGKODIAK OIL & GAS Corp9
CVXCHEVRON CORPORATION8
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.