Upside Purchased on Office Depot (ODP)

Shares of Office Depot Inc. ODP are higher on the session by 3.90%, currently trading $5.33. The stock has been falling sharply lower over the past six weeks, off from a recent high of $9.19. Calls are being purchased on the name today. The July $5.00 call was purchased nearly 2,900 times earlier in the session; open interest on the strike is only 137 contracts, signaling new, bullish positioning. Call volume is running at 2.56x the daily average. Office Depot, Inc. is a global supplier of office products and services. The Company operates in three business segments: North American Retail Division, North American Business Solutions Division and International Division.