On Wednesday, Shares of Office Depot, Inc. (NASDAQ:ODP), lost -2.41% to $8.89, as investors reacted negatively to a federal judge blocking two different companies from merging.
On Tuesday a federal judge blocked food distributor Sysco Corp’s (SYY) $3.5 billion acquisition of US Foods on grounds that the merger would reduce competition and in turn raise prices.
Office Depot shareholders recently approved a $6 billion merger with Staples (SPLS) but the deal is still subject to regulatory approval.
If the merger is approved, Office Depot shareholders will get $7.25 per share in cash and 0.288 of a share in Staples stock for each share they own.
Analysts tracked by Zacks have given Office Depot, Inc. a mean long term growth estimate of 8. This number is based on sales and earnings over the next 3-5 years, calculated on a consensus basis. On a shorter term basis, analysts have a projected price target of $10.685 on the equity. This is a one-year consensus target based on 7 sell-side analysts providing estimates. The firm with the most bullish sentiment sees the stock reaching $11.6 while the most conservative has the target set at $8.7.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores.
Shares of Regions Financial Corporation (NYSE:RF), declined -0.84% to $10.67, during its last trading session.
Regions Bank has declared the 32 winners of its 2015 Regions Riding Forward® Scholarship Essay Contest.
Now in its fourth year, the Regions Riding Forward® Scholarship Essay Contest is the centerpiece of Regions’ Black History Month celebration and is based on the submission of a competitive essay about an inspirational African-American of the applicant’s choosing. Nearly 7,000 accomplished entries were presented, the most since the program began in 2012.
High school seniors were eligible to compete for a $5,000 scholarship while college freshmen, sophomores and juniors were eligible to compete for a $3,500 scholarship. Once the scholarships are awarded in 2015, Regions will have offered more than $500,000 in scholarships through this program.
Regions Financial Corporation, together with its auxiliaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, in addition to equipment lease financing services.
Finally, Goodrich Petroleum Corp. (NYSE:GDP), ended its last trade with 3.66% gain, and closed at $1.98. The stock is ongoing its gains from the previous two days.
On Monday, Goodrich Petroleum declared that it has commenced completion operations on two of its six drilled but unaccomplished wells in the Tuscaloosa Marine Shale (“TMS”). The B-Nez 43H-1 (70%WI) and B-Nez 43H-2 (74% WI) wells in Tangipahoa Parish are near completion of fracture stimulation, with flow back and initial production predictable within 1 - 2 weeks. The Company presently anticipates concluding the remaining four drilled but unaccomplished TMS wells from mid-July through early September. All six wells, which are located within the Company’s core acreage position of 150,000 net acres, will be accomplished preceding to the fall borrowing base redetermination planned for October 2015.
The Company’s full year capital expenditure budget of $90 - 110 million was front-end loaded, with about 46% of the budget at the mid-point of guidance spent in the first quarter, as the Company entered the year with three rigs under contract. The Company presently has zero rigs running with plans to bring a rig back to the TMS in October, with no change to formerly issued guidance. The Company re-affirms second quarter capital expenditure guidance of $10 – 15 million and exited the first quarter with in excess of $100 million of liquidity. The Company maintains the ability to enhance liquidity by pursuing a potential joint venture or sale of its Eagle Ford Shale asset.
Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. The company holds interest in the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana; the Eagle Ford Shale Trend located in South Texas; and the Haynesville Shale Trend in Northwest Louisiana and East Texas.
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