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Stock Market & Financial Investment News

News Breaks
March 25, 2014
14:23 EDTWAG, CVS, RADWalgreens climbs after reporting same-store sales gain, store closure plans
Shares of drug store owner Walgreens (WAG) are advancing despite the company reporting lower than expected profits as its revenue came in close to expectations and said its Alliance Boots synergies are tracking ahead of expectations. WHAT'S NEW: Walgreens reported earnings per share, excluding some items, of 91c for the second quarter of fiscal 2014, compared with analysts' consensus estimate of 93c. The retailer's Q2 revenue was $19.6B, in-line with the consensus estimate. Walgreens' same-store sales rose 4.3% last quarter. Moreover the company predicted that its fiscal 2016 revenue, including a contribution from Alliance Boots, would be over $130B. Walgreens has a 45% stake in Alliance Boots and has an option to acquire the rest of the European retailer in 2015. "Our second quarter performance, in spite of expected headwinds from slower generic drug introductions, comparisons with last year’s flu season and severe weather, was marked by solid top-line growth driven by record quarterly sales and record second-quarter prescriptions filled,” said Walgreens CEO Greg Wasson in a statement. “We also continued to gain prescription market share while we maintained a firm hold on our costs," Wasson added. Walgreens also announced that as part of its efforts to optimize the company’s asset base, it plans to close 76 drugstores during the second half of this fiscal year. Including these store closures, Walgreens still expects a net increase in its store count in fiscal 2014 of approximately 55-75 locations. PRICE ACTION: In mid-afternoon trading, Walgreens rose $1.75, or 2.72%, to $66.06. Other major U.S. drug store chains also climbed, with Rite Aid (RAD) adding 2.4% and CVS (CVS) gaining 0.6%.
News For WAG;CVS;RAD From The Last 14 Days
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October 23, 2014
12:15 EDTWAGWalgreen management to meet with FBR Capital
Meetings to be held in Dallas on October 29 and in Houston on October 30 hosted by FBR Capital.
12:12 EDTRADRite Aid management to meet with Guggenheim
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October 22, 2014
06:06 EDTWAGWalgreen wants to seal part of defamation lawsuit, Crain's reports
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October 21, 2014
14:13 EDTWAGCtW Investment urges Walgreen board to form investigative panel, WSJ reports
CtW Investment is urging Walgreen's board to form an investigative panel to look into allegations raised by former CFO Wade Miquelon in a defamation lawsuit, The Wall Street Journal reports. Reference Link
10:29 EDTWAGWalgreen spikes higher, levels to watch
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10:22 EDTWAGWalgreen calls active on activist investor speculation
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10:15 EDTWAGRumor: Walgreen moves up on activist investor speculation
Shares of Walgreen are moving higher amid speculation Carl Icahn has taken a stake in the company.
08:03 EDTRAD, CVS, WAGCVS offering drug plan with higher co-pay at stores selling tobacco, WSJ says
CVS Health (CVS), which stopped selling tobacco products last month, is now offering a prescription-drug plan via its pharmacy benefits unit Caremark that charges patients copayments that are up to $15 higher on prescriptions filled where tobacco is sold, which includes at rival pharmacies operated by Walgreen (WAG) and Rite-Aid (RAD), reported The Wall Street Journal. Reference Link
October 20, 2014
11:06 EDTWAGWalgreen begins accepting Apple Pay in stores
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October 17, 2014
09:03 EDTWAGWalgreen venture investment head leaves after short time in post, Fortune says
Bill Wafford, who was named managing director of Walgreen’s venture capital and growth equity investment business Well Ventures just this this past January, has left the company, according to Fortune. Reference Link
08:14 EDTWAGWalgreen sued by former CFO for defamation, Reuters reports
Wade Miquelon, the former CFO of Walgreen, filed a lawsuit yesterday in state court in Chicago alleging that CEO Gregory Wasson and director Stefano Pessina, the company's biggest shareholder defamed him in news reports that blamed him for errors in its earnings forecast, Reuters reports. The Wall Street Journal reported in August that Miquelon lost his job following a $1B error in forecasting Walgreen's Medicare-related business, and later said Miquelon's error caused the company to cut its forecast in pharmacy unit earnings for the year ending August 2016. Reference Link
October 14, 2014
06:03 EDTWAGWalgreen implied volatility of 27 at lower end of index mean range
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October 13, 2014
10:08 EDTRADOn The Fly: Analyst Initiation Summary
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07:47 EDTRADRite Aid initiated with a Market Perform at Cowen
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07:39 EDTCVSPharmaceutical Care Management Association to hold annual meeting
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06:41 EDTWAGWalgreens to roll out Apple Pay on October 18, MacRumors reports
Walgreens (WAG) will begin rolling out Apple Pay (AAPL) on Saturday, October 18, according to a memo obtained by MacRumors. Reference Link
06:13 EDTWAGWalgreen implied volatility of 25 at lower end of index mean range
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