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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (44932)	8/3/2008 9:33:47 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69795

11:49AM Moody's cuts Office Depot to non-investment grade of 'Ba1' (ODP) by Sue Chang SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Friday downgraded Office Depot Inc. (ODP) to junk status of Ba1 from a senior unsecured rating of Baa3 due to its weak operating performance. "Office Depot continues to suffer in its key California and Florida markets, and with little recovery in these markets anticipated during the balance of 2008, the downgrade to speculative grade is necessary. The company's disclosure of very poor second quarter operating performance, and the likelihood that substantive recovery is improbable for the back half of 2008, results in credit metrics that are no longer investment grade," said Charlie O'Shea, Moody's senior analyst. The outlook is negative. [Johnny: Rightly or wronging, it still appears that some companies are projecting or hoping for a 2H uptick in business.]