Staples Sales WEAK Due to Reduced Spending and 2 Stocks Dropping to 52-Week Lows
Forbes Energy Svcs (FES) reports a Q2 revenue of $119.8 million, up 8.1 percent from $110.8 million in Q2 of 2011, one estimate $135 million. The shares closed at $3.50, down $0.86 or 19.72% on the day. They have traded in a 52-week range of $4.08 to $12.85.
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Staples (NASDAQ:SPLS): Office Depot (NYSE:ODP) and OfficeMax (NYSE:OMX) sink after another business supplies retailer, Staples (NASDAQ:SPLS), reported significantly weaker results than expected for Q2. Staples claimed that it saw weaker than expected sales trends in North America, and continuing European and Australian weakness. Computer and core office supply sales were anemic during the Q2, the retailer added. Furthermore, Staples claims that it predicts its overseas sales climate to be “extremely difficult.” Now, the company expects its earnings per share to rise by a low single digit percentage for its fiscal 2012, which is lower than its previous outlook for a high single digit percentage rise. Also, Staples suggested that computer sales might turn around once Microsoft’s new Windows 8 operating system is released. The company also left open the possibility that profits may be higher than predicted for the rest of the year. In mid-morning trading, OfficeMax slumped 29c, or 5.59 percent, to $4.89, while Office Depot slid 6c, or 3.81 percent, to $1.54. Staples, meanwhile, tumbled $1.90, or 14.08%, to $11.55. The shares closed at $11.49, down $1.96 or 14.57% on the day. They have traded in a 52-week range of $12.10 to $16.93.
Knightsbridge Tanker (NASDAQ:VLCCF): Two of the company’s VLCCs and two of the Capesize vessels are fixed on bareboat and time charters that expire between 2012 and 2015. Knightsbridge believes that the VLCC Titan Venus, ex Camden, will be redelivered in Q4 of 2012 and the Capesize vessel Golden Future during Q1 of 2013. The sale of the VLCC Hampstead is a part of the company’s plan for the renewal and growth of the fleet, and it could assist the company in reacting to interesting acquisition opportunities. The company announces that its 2012 Annual General Meeting will be held on Sept. 21. The shares closed at $7.75, down $0.65 or 7.74% on the day. They have traded in a 52-week range of $7.77 to $20.13.
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