Is Office Depot Dying? — Market Mad House

Office Depot Inc. (NASDAQ: ODP) interests me because its stock is cheap. In fact, Mr. Market paid $1.40 a share for Office Depot on 23 March 2020.

Yet Office Depot is entering some interesting and potentially lucrative new businesses. For example, Office Depot is conducting background checks for the U.S Census Bureau.

The Census Bureau needs to hire 500,000 temporary workers for the 2020 U.S. Census. Office Depot is using biometric technology from Telos Identity Management Systems to conduct the checks, Biometric Update reports.

Can Office Depot Cash in on Biometrics?

To elaborate, a kiosk at Office Depot scans a job applicant’s fingerprints and eyes. That helps the individual undergo a federal background check.

I think biometrics could be an opportunity for Office Depot because many employers are hiring tens of thousands of employees fast. Amazon (NASDAQ: AMZN) plans to hire 100,000 new workers to meet additional demand Coronavirus created, NPR reports.

In addition, Amazon is expanding its same-day delivery business by opening warehouses in densely populated areas, a press release indicates. Those warehouses will need employees, and those employees will need background checks. Office Depot and Telos can provide the…