Emma Asma Cornwall
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Emma Asma Cornwall in Gainers & Losers,

Office Depot plummeted 38% - an insane number

After news broke of a preliminary injunction blocking a merger between Office Depot and Staples, Office Depot says it won't appeal the ruling. That means the two will terminate their merger effective May 16.

“While we are respectful of the Court’s decision to grant the FTC’s request for a preliminary injunction to prevent our merger with Staples, we are disappointed by this outcome and strongly believe that a merger would have benefited all of our customers in the long term," said Office Depot CEO Roland Smith.

"We do not intend to appeal the Court’s decision and the two companies plan to terminate the merger agreement effective May 16, 2016."

Smith added that after the formal deal termination, Office Depot would host an investor call May 16 to "discuss next steps in our go-forward strategy."

Office Depot shares are falling about 38% today, isn't it crazy? I will put Office Depot on my watchlist as a result, because stocks became really cheap after such an insane move. Enough selling, guys, really!)