BUZZ-U.S. Stocks on the Move-Wet Seal, Lakeland, Staples, Office Depot
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U.S. stock index futures were up slightly on Thursday, after a three-day drop by the S&P 500 as oil prices advanced and ahead of a flurry of economic data. Dow Jones industrial average futures were up 0.28 percent at 17,591, S&P 500 futures were up 0.33 percent at 2,033.25 and Nasdaq 100 futures were up 0.20 percent at 4,235.5.
** STAPLES INC, Wednesday close $14.815, +10.77 pct premarket
** OFFICE DEPOT INC, Wednesday close $6.725, +6.47 pct premarket
Activist investor Starboard Value LP has bought a 6 percent stake in Staples and raised its stake in Office Depot to 10 percent, in a move that could raise pressure for a combination of the office-supply retailers, the Wall Street Journal reported, citing sources.
** WET SEAL INC, Wednesday close $0.2789, -46.93 pct premarket
The women's apparel retailer said on Wednesday it may seek to restructure under provisions of the bankruptcy code if it fails to address liquidity in the near term. The company said strategies may include out-of-court restructurings. Wet Seal also reported a 9 percent decline in third quarter sales.