Office Depot Delays Earnings Release
Office Depot (NYSE:ODP) announced that it has delayed its third-quarter earnings release, previously scheduled to take place on October 30, 2007. The delay is due to an independent review by the Audit Committee of the Company’s vendor program funds. The review relates principally to the timing of the recognition of certain vendor program funds.
A little over a month ago I said an investment in Office Depot will require patience and possibly a strong stomach, as things are likely to get worse before they get better. The stock, of course, started rallying almost immediately. Today’s news may test investor’s stomachs.
Disclosure: William Trent has written naked put options against shares of Office Depot (ODP).
William Trent currently has a short position in put options related to Office Depot (ODP).
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