Shares of Office Depot Inc. ODP, +3.98% rose 0.7% in midday trading Tuesday, ahead of the previously announced reverse stock split, which is aimed at increasing the shares’ trading price. The office goods retailer confirmed before the opening bell that the 1-for-10 reverse split announced Friday will become effective after the closing bell, at 4:01 p.m. Eastern. Before Tuesday’s open, there appeared to be some confusion to the timing of the split, as some stock pricing services had already adjusted Monday’s closing price to reflect the split, which implied that the stock was falling nearly 90% in premarket trading. The stock was halted from 7:42 a.m. Eastern until 9:50 a.m. With the split, the number of authorized

Read More At Article Source | Article Attribution