OfficeMax shares hit 52-week low

Shares of Naperville, Ill.-based OfficeMax Inc. fell 95 cents, or 5.5 percent, to $16.23 during afternoon trading, after earlier trading to a 52-week low of $15.99.

A broader-market pullback likely contributed to the decline. The Dow Jones Industrials dropped more than 150 points as investors' worries about the financial sector and rising oil prices escalated.

OfficeMax has faced bad news recently. Last week, Standard & Poor's removed the company from its S&P 500 index, citing a decline in OfficeMax's market value.

On Monday, Credit Suisse analyst Gary Balter downgraded the stock to "Neutral" from "Outperform" because of the weak economy and tough competition.

Shares are down about 16 percent so far this year.