Why Rite Aid Stock Is Skyrocketing Today
Shares of Rite Aid (NYSE: RAD) were skyrocketing 45.7% higher as of 10:50 a.m. EST on Thursday after the company announced its third-quarter results before the market opened. Rite Aid reported revenue of $5.46 billion, above the average analysts' estimate of $5.42 billion. The pharmacy retailer posted adjusted earnings of $0.54 per share, blowing past the consensus Wall Street estimate of earnings of $0.09 per share.
The most important thing to know about Rite Aid's Q3 results is that they hold the potential to change the narrative for the company. Rite Aid's problems have been so significant that the company's name even comes up in discussions of which retailers might declare bankruptcy next. But Rite Aid's solid profit in the third quarter should turn the negativity level down -- at least for now.
Image source: Rite Aid.
Source Fool.com
