Sector Snap: Office suppliers climb

CHICAGO (AP) - Shares of office supply chains rose Thursday as an analyst reinstated a "Neutral" rating on Staples Inc. saying he expects a recent acquisition to add significantly to earnings. Goldman Sachs analyst Matthew J. Fassler's rating of the world's largest office supplier came as the Framingham, Mass.-based company said it acquired 99 percent of the outstanding shares of Dutch office supply company Corporate Express NV. Corporate Express agreed to the $2.7 billion acquisition deal last month. "(Staples) continues to produce the best results in its sector, which we expect to continue through the current tumultuous environment," Fassler wrote in a note to clients. "At the same time, office superstores are experiencing pressure beyond that explained by historical relationships between macro factors and sales." Fassler... [read full story]                    

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