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Stock Market & Financial Investment News

News Breaks
March 25, 2014
14:23 EDTRAD, CVS, WAGWalgreens 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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July 31, 2015
06:21 EDTCVSSuit alleges CVS overcharged for generic drugs, AP reports
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July 30, 2015
09:08 EDTCVSCVS Health enters into two new clinical affiliations
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08:32 EDTRADRite Aid reports July SSS up 2.4% y/y
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06:48 EDTCVSCVS Health announces partnership with IBM Watson
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July 27, 2015
06:04 EDTRADRite Aid implied volatility of 33 at lower end of index mean range
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July 24, 2015
06:11 EDTRADRite Aid implied volatility of 33 at lower end of index mean range
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July 17, 2015
10:56 EDTCVSCVS investigates credit card breach at online photo unit, KrebsOnSecurity says
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06:03 EDTRADRite Aid implied volatility of 32 at lower end of index mean range
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