Scanning the market for what little equity news I can find today, I ran across a rather interesting change in leadership. It seems that OfficeMax has named Sam Martin executive vice president and chief operating officer. Martin was most recently senior vice president of operations at Wild Oats Markets (OATS). On the news, OMX has fallen more than 1.3%, and I can only guess that investors find the move from health foods to office supplies as bizarre as I do.
Focusing on OMX's technical picture, the shares are no stranger to losing ground. Since mid-February, the stock has dropped more than 42%, forced lower by resistance at its declining 10-day and 20-day moving averages. Despite this poor performance, investors remain complacent on OMX. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.66 ranks near the mid-point of its annual range, while analysts have doled out 3 buys and 4 holds. There appears to be support at the 31.50 level for the shares, but today's lackluster response to a change in management could well call into question this technical support.