Price/Volume Block Surge: Staples Inc. (SPLS)

Posted in General 
June 11th, 2008

Staples Inc. (NASDAQ: SPLS) is seeing a surge in trading this morning after the company finally reached a deal to secure its acquisition of Corporate Express (NYSE: CXP) this morning. After about 25 minutes of trading Staples has seen more than 3.4 million shares trade hands, which is almost half of the average 8 million shares daily trading volume. One alert flag that really threw up the volume was an increase in the block volume. There were two huge blocks of stock that went off this morning:

  • 445,900 Shrs At $24.26 (downtick)
  • 686,000 Shrs At 24.25 (zero tick)

Staples stock is trading up over 4% at $24.14 this morning and its 52-week trading range is $19.69 to $25.32. We have yet to see much in options trading worth noting so far this morning.

Jon Ogg
June 11, 2008

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