Staples Inc., the world’s largest office-supply retailer, fell the most in more than two months after Goldman Sachs Group Inc. downgraded the shares to “sell” from “neutral.”
Staples dropped 5.5 percent to $15.14 at 12:58 p.m. in New York, after earlier falling as much as 6 percent for the biggest intraday decline since Nov. 15. The shares slumped 39 percent last year.
Matthew Fassler, an analyst at Goldman Sachs in New York, in a Jan. 29 note to investors described the outlook for the global printing segment as “tough.”
“Office superstore retail and delivery demand has not responded to improving employment trends and industrial production,” Fassler wrote.
Staples sells office supplies, furniture and technology in 26 countries including the U.S., Canada, U.K. and Germany. The Framingham, Massachusetts-based company posted revenue of $24.5 billion for the fiscal year ended January 2011.