NEW YORK (TheStreet) -- Shares of Office Depot Inc (ODP) are slipping, down 2.71% to $5.74 this afternoon, following the company's announcement that it is transferring the listing of its common stock to the NASDAQ Global Select Market from the New York Stock Exchange.
The office supplies company will cease trading on the NYSE at the close of business on Sept. 25, and will start trading on NASDAQ the following day.
The company will keep its current ticker symbol "ODP" when trading begins on NASDAQ.
Separately, TheStreet Ratings team rates OFFICE DEPOT INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate OFFICE DEPOT INC (ODP) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and poor profit margins."