AET - Amazon's Gain Is Rite Aid's Pain
June 28th was a scary day for any shareholders of drugstore chains like Rite Aid (RAD), CVS Health (CVS), and Walgreens Boots Alliance (WBA). What investor optimism might have previously existed for these companies eroded when news broke that Amazon (AMZN) entered into a deal to buy tech startup PillPack in a transaction estimated to be around $1 billion in cash. This move creates a significant deal of risk for all of the major drugstore chains, but while Walgreens and CVS will be confronted with competitive pressures, the biggest hit could come to Rite Aid.