RAD - Rite Aid falls 11% in wake of Walgreens' lowered guidance
2023-06-27 11:08:17 ET
- Rite Aid ( NYSE: RAD ) is down 11% in Tuesday morning trading, an apparent casualty of Walgreen Boots Alliance ( WBA ) announcement earlier in the day it is cutting its 2023 financial guidance.
- Walgreens ( WBA ) lowered its adjusted earnings forecast for fiscal 2023 to $4.00–$4.05 from $4.45–$4.65 previously. Consensus is $4.45.
- Rite Aid ( RAD ) struggled in Monday trading after it was reported that a group of secured bondholders is working with advisers ahead of possible talks to rework its debt .
- The stock is down ~52% year to date.
- The company reports its latest quarterly earnings on June 29.
- Seeking Alpha's Quant Rating views Rite Aid ( RAD ) as a sell.
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Rite Aid falls 11% in wake of Walgreens' lowered guidance