Staples Declines Most in 11 Years After Cutting Forecast
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Staples Inc., the world’s largest office-supply retailer, declined the most in 11 years after cutting its profit forecast and expansion plans for 2011 because of the slow economic recovery.
Staples tumbled $3.02, or 15 percent, to $16.63 at 4 p.m. New York time in Nasdaq Stock Market trading, the biggest decline since March 2000. The shares have fallen 27 percent this year.