Office Depot Getting Hammered After Earnings (ODP)

Shares of Office Depot (NYSE: ODP) are getting hammered today after the company reported disappointing earnings this morning. The stock has lost nearly 19% and are currently trading hands for $7.27. Office Depot (ODP) earned $0.07 per share versus consensus estimates of $0.08.

Volume in the name has been incredible. Nearly 52 million shares have traded hands compared to a daily average of only 5.3 million. Traders may want to consider establishing a short position in this stock, as all near term support levels have been violated, and momentum may drive ODP lower in the coming days.