TMCnet News
Hot Stock: OfficeMax, Shares Drop 7.3% (OMX)May 17, 2012 (SmarTrend(R) Spotlight via COMTEX) -- OfficeMax (NYSE:OMX) is one of today's worst performing low-priced stocks, down 7.3% to $4.57 on 1.1x average daily volume. OfficeMax has traded 2.0 million shares thus far today, vs. average volume of 1.9 million shares per day. The stock has underperformed the Dow (-7.3% to the Dow's -0.6%) and underperformed the S&P 500 (-7.3% to the S&P's -0.7%) during today's trading. Potential upside of 73.2% exists for OfficeMax, based on a current level of $4.57 and analysts' average consensus price target of $7.92. OfficeMax shares should first meet resistance at the 50-day moving average (MA) of $5.18 and find additional resistance at the 200-day MA of $5.25. Over the past year, OfficeMax has traded in a range of $3.90 to $9.19 and is now at $4.57, 17% above that low. The 200-day and 50-day moving averages have moved 0.6% lower and 0% lower over the past week, respectively. OfficeMax Inc sells and market office products. The Company distributes and retails a variety of products such as office supplies, technology products, and business furniture. OfficeMax sells through stores located throughout the United States, Canada, and Mexico, and many of the products are also sold through its catalog and online. SmarTrend is monitoring the recent change of momentum in OfficeMax. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of OfficeMax in search of a potential trend change. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |