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OfficeMax (NYSE:OMX) exploded today, soaring over 14 percent hitting a 52-week high. OfficeMax has done the best of any of the three large suppliers over the last year, with a year to date gain of over 79 percent. The company confirmed that it would be extinguishing non-recourse liability related to Lehman-backed notes. It expects a pre-tax, non-cash gain of $671 million in quarter three as a result.
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Word on the street is that private-equity firms are looking to buy office supplies giant Staples (NASDAQ:SPLS). Shares of the company are up over 2 percent today and over 6 percent this week after having a weak year-to-date. Morningstar (NASDAQ:MORN) analyst R.J. Hottovy said, “It’s a low probability event, given the size of the deal.” Staples has a market cap of $8.16 billion.
Office Depot (NYSE:ODP) is also on the move today, up over 4 percent. Investors seem to be excited for a possible PE buyout of one of the office supply chains. Office Depot is up 11 percent this year to date.
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